After declining in the previous four trading sessions, Cocoa futures bounced back today to lead commodities (of the ones we track) with a 5.6% gain. Here's the list of today's top performers:
There doesn't appear to be any cocoa specific news related to the rebound, it just seems to be a combination of a relief rally in cocoa along with an overall "risk-on" sentiment across all markets. For the year, Cocoa futures are struggling along with the rest of soft commodities and prices have declined 31% since January.
We last discussed cocoa futures on Nov 24th which at that time were down 29% for the year (we talked about cocoa futures li which are essentially cocoa futures priced in GBP). We mentioned how a Macquarie analyst was expecting cocoa prices to rise 13% in the following 2 months. They're running out of time...
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