Cocoa Commodity Price Under Pressure In 2016

Cocoa futures prices on ICE Futures dropped at the end of trading this Tuesday. Cocoa futures on ICE Futures New York turn down to negative sentiment because the cocoa production increasing.

"Traders in the market are not pessimistic as seen in a couple of weeks before," saidCarlos Mera, 

a senior commodity analyst at Rabobank in London. "The coming higherand farmers can sell the stock from previous crops."

The market participants continue to follow the arrival of cocoa production in Ivory Coast, which had been down about 10% from last year's average. Data released Monday showed a higher yield on the arrival of cocoa in the port, around 8.8% lower, according to Rabobank.

In other markets, commodity prices lower after weaker manufacturing data fromestimates from China pushed the action selling asset markets in the developing worldover concerns that China's economy is slowing more sharply than anticipated.

In late trading the price of cocoa futures contract March 2016 which is observed most active contract closed with posted a decline. The commodity prices closed down sharply as big-dollar or 87-2.71 percent at position 3124 dollars per tonne.