The Price Of Cocoa ICE Down Good-Value Production Expectation Of Ghana

Cocoa futures prices on ICE Futures dropped at the end of the trading sessionThursday morning (11/02). Cocoa futures prices on ICE Futures New York declinedepressed sentiment increased production of Ghana.

The country of Ghana in West Africa are hoping to produce 850,000-900,000 tons of cocoa by 2015/16 plants, up from the previous season 740,000 tons.

For that Ghana Cocoa Board, cocoa marketing agencies in the country, has launchedseveral initiatives to improve production i.e. distribute free fertiliser and seeds andmass spraying, according to ICCO.

In late trading the price of cocoa futures contract May 2016 which is observed most active contract closed with enhanced attenuation. The commodity prices closed down sharply as big-5 or 0.17 percent-dollar positions 2854 dollars per tonne.

Forexchair estimated that the price of cocoa futures to trade wouldpotentially strengthened limited with wind attack worries harmattan in West Africa.

Cocoa prices further to trade futures on the ICE Futures New York can potentially test the Resistance level at 2900 dollar position. If the Resistance level is successfully penetrated, then the next level is 2950 dollars. While the level of Support that will be tested in case there is a weakening in the dollar and 2800 2750 dollars.