Cocoa futures reached a two-month high, driven by supply concerns amid dry and cool weather conditions in East Africa. A correction followed after a new regional weather forecast predicted heavy rainfall, easing some of the supply pressure. Additional downward pressure comes from newly imposed U.S. tariffs and concerns over weaker demand, as signaled by softer processing data.
On the chart, cocoa prices remain in a medium-term downtrend, moving within a narrowing descending channel. The market is consolidating in the 7,200–9,500 range, with prices approaching the lower boundary of the trend line and the support zone defined by recent lows.
COCOA (D1)
The chart shows cocoa prices holding within a medium-term downward trend, confined to a narrowing descending channel. Consolidation continues between 7,200 and 9,500, with prices nearing the lower channel boundary and key support set by the latest lows.
Source: xStation5
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