Cocoa futures prices on ICE Futures strengthened in late trade Tuesday despite earlier(02/02). Cocoa price increase stems from concerns about dry weather in Ivory Coastthat could affect cocoa production and the strengthening of the exchange rate of the pound sterling against the u.s. dollar. Increase in the price of cocoa is the biggest leap in 3.5 years.
A bullish factor for the market of cocoa is hot and dry wind conditions the intensecocoa producers in Ivory Coast, where farmers say could hinder the development ofthe upcoming harvest.
At the close of trade on Wednesday, money market rates rose 1.33% GBPUSD at1.4431.
At the end of the trading day above the price of cocoa futures contract March 2016which is observed most active contract closed with registered an increase. The commodity prices closed up sharply of 107 dollars or 3.88 percent at position 2868 dollars per tonne.
Forexchair estimates that the price of cocoa futures for trading next will move in a tendency strengthened by the presence of worries still estimates production barriersin cocoa producers countries.
Cocoa prices further to trade futures on the ICE Futures New York can potentially test the resistance level at position 2920 dollars. If the resistance level is successfully penetrated the next level is 2970 dollars. While the level of support that would be tested if there is a correction going on 2820 2770 dollar and dollar.
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