Cocoa Futures Prices Prediction August, 17 2015 : Cocoa futures prices at the close of trading last Friday morning had gained limited (14/8). Cocoa futures prices posted an increase after three consecutive sessions before ending in negative territory. The price of cocoa futures in trading last night was hit until it reaches the lowest position since May 12.
Fundamentally itself conditions the demand for cocoa has not demonstrated that the increase in this commodity appears to be difficult to go back through the highest level in nine months that occurred in mid-July last.
The weakening of cocoa prices that occurred in the recent months is the impact of a slump in global demand. Concerns about China's worsening economy also became one of the causes of the difficulty of the price of cocoa out of the bearish conditions despite experiencing oversold.
On Friday on the stock exchange LIFFE London, cocoa for December delivery slumped to £ 2,036 per tonne from £ 2,043 a week earlier. the price of cocoa futures on ICE Futures US in New York, cocoa for December rose to $ 3,055 per tonne from $ 3,028.
According Analyst Research Center Vibiz cocoa futures prices for the next trading still has the potential to continue to decline, especially in the short term. Conditions cocoa prices have experienced a strong decline and reach a bearish trend.
For the next trading price of cocoa futures on ICE Futures US in New York has the potential to test the resistance level at 3,095 dollar positions. If the resistance level is successfully penetrated the next level is 3,150 dollars. While the level of support that will be tested if there is no correction at 2,973 dollars and 2,900 dollars.
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