Friday, August 31, 2012

Today's Major Market Move: Cocoa Futures Gain Close to 9% for the Week

It's been an up week for most commodities with 22 out of the 27 front month commodity futures that we track in positive territory. The top gainer since last Sunday has been cocoa futures which have posted an 8.9% gain.

Click here to go to the live table.
This week's move has pushed front month cocoa futures to a new high in 2012 however prices are still well below the high reached in the year prior.

Click here to go to the live chart.
The last time we wrote about cocoa futures was near the 2011 lows back in December and prices have been stuck in a channel since then, until this week. According to this blurb from Bloomberg (Bloomblurb? Blurbberg?), anticipated lower output from the Ivory Coast is one motivating factor for the current move.

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