Cocoa pulls back from recent highs

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Cocoa price fell sharply on Tuesday and paused a recent upward move caused by higher than average temperatures in top producer Ivory Coast. Meanwhile ICE announced that NY stockpiles plunged to their lowest level since mid-April 2022 and inventories held in EU ports dropped to a nine-month low. According to International Cocoa Organization statistics, the 2021/22 cocoa season ended with a supply deficit of 306,000 tonnes and growing conditions for the main crop of the 2022/23 season are generally favorable in West Africa. On the other hand, farmers are facing fertilizers and pesticides shortages due to ongoing war in Ukraine. The ICO also pointed out that the worsening condition of the global economy, rising commodity prices, and high energy costs in Europe, the leading region for cocoa processing, may dampen demand in the upcoming months.

COCOA price fell over 3.0% on Tuesday, pulling away from its highest level since mid-February at $2675.00, which coincides with 61.8% Fibonacci retracement of the large downward wave launched in mid-2016 and upper limit of the local ascending channel. If current sentiment prevails, downward correction may deepen towards key support at $2500, where lower limit of the channel and 50.0% retracement are located. Source: xStation5

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