The past week was a poor one for cocoa futures. Over the last 10 days, the prices have been declining. The consequences of a continued drought in Western Africa, a major cocoa-growing region, seem to be eased by rains, thereby cooling cocoa prices a little bit. This is expected to improve the quality of the crops, thereby increasing the demand for it.
At this point, the December futures contract is down by 1,7% - $2477 per ton. The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of cocoa.
