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Weaker Dollar Helps Cocoa Rise in New York
James Hyerczyk, The Pattern, Price & Time Report
Published 08/12/2009
- 3:04 p.m. EST
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Daily Analysis
December Cocoa
December Cocoa finished higher in New York, boosted by a weaker Dollar and on-going production concerns.
The weaker Dollar helped make Cocoa priced in the U.S. currency cheaper encouraging fresh buying. Production problems caused by El Nino continue to hurt the West African crop. The combination of bullish supply and demand factors could drive this market to retest the recent top at 2999.
Technically the main trend is up on the daily chart, but if the current rally fails then look for a resumption of the down move to 2725 to 2660.
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