11 May 09:44 AM
Last week the price of cocoa future for June remained within the narrow range of 2280-2350. After the price drop, caused by the statement made of the government of Ghana concerning possible lack of 71 t.t. of cocoa at storages, the price failed to get over 2350.
Fundamental factors for the nearest future include the following:
- good forecast for intermediate crop in West Africa,
- prediction of sufficient precipitation for the nearest 10 days,
- cocoa processing during the 1st quarter of 2012 was lower than last year,
- cocoa stocks at stock ICE exchange storages remain above 5-year level.
According to Commodity Trading Department of Masterforex-V Academy, by the end of June future price may drop. Seasonal trend gives another proof to such price development. Demand-supply analysis for next year shows that there may form balance or minor deficit. What is more, in such circumstances price development usually coincides with seasonal trend.
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On the European session on Wednesday, on the 23rd of April, 2014, Euro rate fortified to achieve the level of 1.3854, setting the most extreme of the current day. Nonetheless, in the second half of the day on the U.S. session, the single European cash tumbled to the mark of 1.3815.
Workers of financial and analytic department of Binary Options Broker Optionova have distinguished explanations behind the decrease of the Euro rate against the Dollar.