- COCOA hit 20-month low during today's session in London
- Futures bounced off the 200-week EMA
- COCOA: +2%
- COCOA hit 20-month low during today's session in London
- Futures bounced off the 200-week EMA
- COCOA: +2%
Cocoa futures (COCOA) are breaking a four-day losing streak, finding support at the 200-week exponential moving average (EMA200, black).
Cocoa prices on the London exchange bounced today from a 20-month low (currently: +2%), although improving supply prospects are likely to continue putting pressure on the commodity’s price. According to a Bloomberg survey, stabilizing weather conditions in West Africa and farmers’ investment in larger crops could lead to a cocoa surplus of around 186,000 tons in the upcoming season.
COCOA has been in a consistent downtrend for eight weeks, pushing the RSI on the W1 timeframe to oversold territory. Source: xStation5
Daily summary: US100 surges almost 1% 📈Crypto and precious metals on the rise
NATGAS gains amid colder US weather forecasts📈Oil near the resistance zone
EURUSD muted after Lagarde's status quo remarks 💶 📌
Gold surges 1.5% amid political uncertainty and Fed rate cuts bets 📈
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
