West Africa prospects may help global cocoa output

by Commodity Online

Rising hopes for West African Cocoa production this year could help balance out an expected deficit in 2011-12, the head of the International Cocoa Organization said.

Ivory Coast, the world's largest producer, could reach 1.4 million metric tons in the current 2010-11 crop year, Executive director Jean-Marc Anga told Dow Jones Newswires.

Neighboring Ghana is also "on course" to reach its target of 1 million tons by the end of the season, despite flooding in cocoa-producing regions in the east of the country, he said.

Anga said he expects the ICCO will increase its current estimate of a 189,000 ton surplus for 2010-11, leaving markets in "more of a balance" than many forecasters currently expect next season.

"Most analysts are still expecting a deficit next year but we can see the surplus increasing between now and then," Anga said.
However, increasing consumption is likely to keep prices supported at $3,000/ton for the next six months, he said.
Demand is expected to rise to a record high of more than 3.9 million tons in 2011-12, up from 3.8 million tons this year, driven by Asia and the developing world as well as "robust" consumption in traditional markets, he said.
Cocoa grinding is also expected to rise in Ivory Coast following a bloody conflict there earlier this year. The country lost its place as the world's second-largest processor as companies fled during the political turmoil.
But going forward, he remains concerned that the proliferation of uncoordinated projects to expand Cocoa production in several parts of the world could have a severe impact on prices.
"We do not believe that production should go all out in meeting demand--and go beyond--as the impact on prices will be severe," he said.
With the new government of Ivory Coast due to launch initiatives to boost production in the near future, including tackling structural issues such as aging trees and little use of inputs, Anga said production there could rocket.
"If they go all out to increase investment in the next five to 10 years they could reach 1.8 million to 2 million tons," he said. Neighboring Ghana, considered a major cocoa success story, is expected to produce 1.2 million tons by 2012-13.
He added that the ICCO won't lift its estimate for Indonesia, another key producer, where production has been severely damaged by rain and disease.
"The pest and disease situation there is quite worrying," he said.

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Cocoa prices at risk of 'precipitous collapse'

by Agrimoney.com

Cocoa prices are at risk of "precipitous collapse" if prospects for supplies improve further, ABN Amro warned as it raised its outlook for world production of the bean and a slowdown in consumption growth.

The bank lifted by nearly one-half to 227,000 tonnes its forecast for the cocoa output surplus in 2010-11, highlighting an "extremely good season" for farmers in countries such as Ghana and Ivory Coast, the world's biggest producers.

"In West Africa, the main crop has been excellent," said the bank, whose research is undertaken with VM Group.

However, prospects for consumption looked weak, given the "gloomy clouds" hanging over European and US economies, where austerity measures have "yet to feed through into daily lift.

It was "doubtful" that a rise in cocoa grindings evident in recent months "is sustainable – after all, chocolate is one item in the weekly shopping basket that does not have to be bought".

'Collapse could be precipitous'

While the bank stuck by a forecast of cocoa production returning to deficit in 2011-12, by some 93,000 tonnes, it warned that this depended on an "optimistic" view of consumption.

If industrialised nations, by far the biggest chocolate consumers, struggled, and the production outlook improved, the market faced conditions far less supportive to prices, which remain at historically high levels.

"The price collapse could be precipitous," ABN said.

Indeed, it was already a "wonder" that the price "remains so persistency high", given the political resolution in Ivory Coast which has allowed the shipment of about half the 470,000 tonnes of cocoa stockpiled during export curbs imposed by Alassane Ouattara during his battle to assume presidency.

Port arrivals

The report came as Ivory Coast's Coffee and Cocoa Bourse (BCC) reported that bean arrivals at the country's ports had reached 1.33m tonnes since the beginning of the 2010-11 marketing year in October, up 24% from the same period the previous season.

And it came as prices indeed dipped, falling 1.3% to £1,945 a tonne in London for September delivery, and by 1.2% to $3,135 a tonne in New York, for the same month.

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Cocoa price revival 'will not last long'

by Agrimoney.com

The revival in cocoa futures, after they fell 25% from March's 32-year high, may prove nothing more than a temporary interruption in their correction, as the prospect of soaring West African supplies weighs on prices.

Cocoa prices have rebounded more than 5% in New York from a four-month low set on Tuesday, amid talk of bargain-hunting by consumers and lingering concerns over the resumption of exports from Ivory Coast, the top producer, following the lifting of a ban on shipments.

"Cocoa processors have shown a readiness to buy at declining levels," analysts at VM Group said.

"Many of them are able to show their finance departments a good result, as they have fortunately been able to buy well below what they thought they would face at the start of the year."

Meanwhile, among financial investors, there is an "obvious reluctance" to take short positions on cocoa, given that "only the brave or foolhardy" have visited Ivory Coast since December, and the rise of political tensions which led to the export ban.

'Impressively bearish'

However, these factors appeared unlikely to support prices for long, given the prospect of shipments resuming from Ivory Coast in earnest.

Olam International, the Singapore-based multi-commodities group, has forecast that 150,000 tonnes of the 500,000 tonnes of cocoa held up in Ivory Coast – equivalent to approaching 13% of world production – will be shifted in May and June.

On Friday, Eric Koffi, the director general of Ivory Coast's cocoa regulator, BCC, said that 80,000 tonnes of the bean had left the country's ports since the export ban was lifted last month, including 55,000 tonnes last week.

Meanwhile, soaring output from neighbouring Ghana, the second-ranked cocoa producer, was "impressively bearish" for prices, said VM, which undertakes research for ABN Amro.

The International Cocoa Organization on Thursday forecast Ghana's cocoa production soaring 52% to 960,000 tonnes in 2010-11, helping global output outpace consumption by 189,000 tonnes.

'Artificial rally'

"It's likely that international prices will start to crumble. This is a bear market for the time being," VM said.

The comments follow a warning from Barclays Capital analyst Sudakshina Unnikrishnan, who earlier this week forecast "further price weakness over coming months" as growing supplies weigh on the market.

At Hightower Report, Terry Roggensack warned that, technical analysis showed that "the market remains inside of a downtrend pattern on the charts".

He also attributed recent strength to purchases by investors of futures to hedge call option exposure, "which provides another clue of an artificial rally".

Cocoa for July stood $2 lower at $3,008 a tonne in morning trade in New York, after having earlier stood up 1.0%, at $3,040 a tonne.

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Cocoa leads crop falls as US data speeds fund exit

by Agrimoney.com

Cocoa led crops lower as commodities suffered another sell-off, accelerated by a report showing US jobless claims at an eight-month high fuelled a switch to assets deemed less risky.

New claims for US unemployment benefits rose by 43,000 to 474,000 in the last week of April, the highest since August, and significantly higher than the 410,000 that economists had expected, official data showed.

The figures exacerbated economic jitters on commodity markets already fretting over a round of interest rate rises, in countries such as India and Russia, and the impact of

"Global inflation is a major concern and has market trimming position on expectation of interest rate increases from China and the European Union, and slowing consumer demand due to high cost of fuel and food," grains broker Benson Quinn Commodities said.

The European Central Bank actually left interest rates on hold on Thursday. However, the UK added to the economic gloom by revealing a sharp slowdown in service sector growth last month, a decline blamed on government spending cuts.

'Tumbling hard'

On commodity markets, oil tumbled nearly 4%, for both Brent and West Texas Intermediate crude, while copper fell to a 2011 low, and tin plunged 7%, declines accelerated by a scramble for the dollar, as a safe haven asset, regaining it 0.9% against a basket of currencies.

A stronger greenback makes dollar-denominated assets, including many raw materials, less appealing to buyers in other currencies.

Among agricultural commodities, cotton tumbled 4.3% to a three month low of 144.95 cents a pound in New York for July delivery, after US export sales data revealed a sixth successive week of negative trade – ie with cancellations exceeding new orders.

New York cocoa for July plunged 4.6% to $3,211 a tonne, a decline accelerated by expectations of an imminent resumption of exports from Ivory Coast, the top producer and shipper of the bean.

"Cocoa prices are tumbling hard, partly due to the movement of ships out of Ivory Coast ports," James Mount at PitGuru said.

"As beans start flowing from the embattled African country there was bound to be a sell-off," with the mid-crop harvest adding extra supply pressure.

More rain?

In Chicago, all three major crops lost more than 2%, despite forecasts for additional rain, starting around May 13, in many regions of the US Corn Belt, which are attempting to catch up on delayed corn sowings.

"The issue of uncertainty is all of the eastern Corn Belt which is much wetter [the the western Corn Belt] and where it only stopped raining 48 hours ago," WxRisk.com said.

"This new additional four-to-five days of rain coming is really going to hurt and the flooding situation is only going to get worse."

However, US weekly exports sales data were "poor across the board" for grains and oilseeds too, broker US Commodities said, coming in, at 284,000 tonnes for corn and 275,000 tonnes for wheat, below the lowest analyst's estimate.

Soybeans sales, at 21,600 tonnes, compared with estimates of at least 150,000 tonnes, and potentially 250,000 tonnes.

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Volatility Will Go On in World's Largest Cocoa Supplier

By: Peter Guest

International shipping companies have resumed deliveries of cocoa from the Ivory Coast, the world’s largest supplier of the bean, easing supply concerns that pushed the price to record highs in March. However, analysts say the commodity will remain volatile for the foreseeable future.

The Ivory Coast supplies around 40 percent of the world’s cocoa but a protracted political crisis, which spilled over into widespread violence earlier this year, saw deliveries halted. 

Presidential elections in November 2010 led to a stalemate, with incumbent president Laurent Gbagbo refusing to relinquish power to the challenger, Alassane Ouattara, who was declared the winner by international observers. The deadlock was finally broken on April 11 2011, when forces loyal to Ouattara stormed the presidential palace and arrested Gbagbo.

In March, when the deadlock appeared to be descending into full-scale civil war, London Cocoa futures ran up to £2,400 ($3,965) per ton as investors priced in political risk and speculators tried to hook onto the market’s rise. Prices have now dipped to late 2010 levels at around £1,900 per ton. 

The international community resorted to economic measures to try to undermine Gbagbo. The European Union imposed sanctions designed to halt the export of cocoa, the incumbent’s principal source of revenue. The lifting of the ban and the resumption of shipments marks a return to relative normality.

“The fact that we are now seeing ships leaving should reassure the market that the infrastructure is working,” Brenda Sullivan, head of research at Sucden Financial told CNBC.com. “We’ve had confirmation that the mechanics are working.”

There are 500,000 tons of cocoa waiting in port in the main export hubs of Abidjan and San Pedro, and a further 300,000 tons still on trees waiting for processing, according to analyst estimates.

The political strife had led to considerable speculation and volatility, Keith Flury, senior commodity analyst at Rabobank International said. “That’s going to simmer down. But I don’t think it’s going to be a calm and settled market.”

Information on the state of the cocoa industry in the country is scarce, noted Flury, who said that the Ivory Coast has been “a little bit of a black box”. 

However, the fact that the financial sector largely ceased to function during the past month of crisis as sanctions bit and Gbagbo’s government attempted to nationalize international institutions will reduce farmers’ ability to bring in crops and to invest in inputs for the next season. 

Damage Already Done?

Banks are reopening – Reuters reports that Sociéte Générale will resume operations from Thursday – but the damage may have already been done.

Although political tensions came to a head towards the end of 2010, the country’s last civil war ended in 2003 with the de facto division of the Ivory Coast into north and south. 

Gbagbo’s mandate to rule expired in 2005, but he continued to delay elections for a further five years. Investors shied away from the country during that period, and the cocoa sector received insufficient backing. Plantations have aged and become less productive, and some infrastructure has deteriorated.

Short-term drivers are bearish, due to the effects of the existing Ivorian surplus reaching the market and the strong mid-crop, but this will only last until the beginning of the next season in October, Kona Haque, commodity strategist at Macquarie Bank, told CNBC.com.

“West Africa had really good crops because of La Niña,” Haque said. “We’re not expecting another La Niña next year. We expect the longer-term decline trend to be resumed from next season onwards.”

“There are some replanting initiatives taking place, but for every new tree that’s planted there are several hundred getting older and producing less,” She added. “We see a three-to-four- year period of it getting worse before it gets better.” 

Unless other countries can bring supplies on stream, exposure to the Ivory Coast means that the combination of residual political tension and long-term decline will continue to rock markets.

"I don’t think you’re going to see non-volatile prices for some time,” Haque said.

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Ivorian cocoa prices fall, planters abandon farms

By Loucoumane Coulibaly

(Reuters) - Cocoa beans are piling in east Ivory Coast because of an embargo, while plummeting farmgate prices has pushed planters to abandon farms as Ghana reinforced security at its border to end smuggling, farmers said on Friday. "The amount of smuggling is down. There are a lot of beans just sitting in the hands of the farmers," said farmer Joseph Amani, who farms in the eastern region of Abengourou. "For several weeks, the Ghanaian government has reinforced security at the border. It is very difficult to get the cocoa out. 

Everyone is depressed because we can't sell," he said. A dispute over a November election has plunged the world's top cocoa producer into violent turmoil, after leader Laurent Gbagbo refused to step down despite results showing he lost. His rival Alassane Ouattara is recognised by world leaders and Western countries have imposed sanctions on Gbagbo and institutions supporting him, such as the ports and cocoa authority.

Ouattara has imposed a ban on exports until March 15. Both aim to starve Gbagbo's regime of funds. Ivory Coast has severed ties with the central bank, sparking a huge liquidity crisis. International banks have closed shop. In the western region of Gagnoa, farmers and cooperative managers said prices had fallen to between 375 CFA francs to 400 francs per kg as the result of a lack of liquidity, compared with prices of 500 to 700 francs per kg before the crisis. As the dispute gets more violent, many farmers in the west and other parts of the country have fled, fearing attacks. "The price has gone down a lot. The farmers are having to sell at a cut price. There are Lebanese buying as low as 375 CFA francs per kg," said cooperative manager Francois Badiel. "The plantations are no longer being tended for lack of money. The workers are not turning up. The social situation is dire," Badiel said. 

In the centre-western region of Daloa, which produce a quarter of Ivory Coast's national cocoa output, farmers said several farmers were desperate to sell to buyers paying between 300 CFA and 400 CFA francs per kg.

"We don't live anymore. Life has effectively stopped for us, because we can't sell our cocoa," said farmer Attoungbre Kouame, adding that even at the low price, not enough middlemen were buying. In the western region of Soubre, at the heart of the cocoa belt, farmers said supply in the bush could be damaged by farmers moving away from growing as rains became abundant and as few buyers were paying around 400 francs per kg.

"We are making major losses this year. There is a lot of cocoa in the bush and it has started to rain. There is a risk the beans will rot," said farmer Lazare Ake who farms in the outskirts of Soubre.

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Ivory Coast crisis threatens lasting harm to cocoa

by Agrimoney.com

A failure to resolve quickly Ivory Coast's worsening political crisis could cause a longer-lasting impact on cocoa supplies, by deterring farmers from undertaking the husbandry needed to maximise the next harvest.

It was not too late for the settlement of a power struggle between Alassane Ouattara, the winner of Ivory Coast presidential elections in November, and Laurent Gbagbo, the incumbent premier who refuses to stand down, to puncture the rally in cocoa prices.

The  total of 475,000 tonnes of cocoa sitting in Ivory Coast ports, after Mr Ouattara, the UN recognised president,  forbade shipments, meant that "any sign of a potential lifting of the ban could send prices sharply lower", Hightower Report analyst Terry Roggensack said.

Ivory Coast, the world's top cocoa grower, should produce 1.3m tonnes of the bean in 2010-11, according to analysts at VM Group.

Charts suggested a pullback potentially to $3,185 a tonne, representing the loss of half gains during the recent rally, could be on the cards for New York cocoa futures, a decline of well over 10%.

"We could turn on a dime," Mr Roggensack said.

'Needs to happen soon' 

The point was echoed by Kona Haque, at Macquarie in London, who said there was "a lot of cocoa out there".

Indeed, Ghana, the second-ranked producer, on Tuesday reported a 40% jump to 706,600 tonnes in purchases of the bean by private buyers reported to Cocobod, the country's cocoa industry regulator.

However, Ms Haque added that if a political settlement was to fix the cocoa market, "it needs to happen pretty soon", before risking damage, through grower neglect, on future crops. Ivory Coast officially starts its main crop in October 1, with the mid crop starting in early April.

"If there is no resolution, there is no incentive to prepare for the next crop," she said.

"Why apply fertilizer to a crop, when you can't even sell it?"

Furthermore, even if growers wished to fork out for inputs, the near-collapse of the country's banking system had cut the obvious route to funds.

"It is the risks for the next crop which are having a big impact on the market," she said.

Sanctions working? 

The comments came as cocoa returned within $50 of a 32-year high in New York, before easing to stand 0.5% higher at $3,680 a tonne for May delivery, as of 15:45 GMT.

London's May cocoa lot was 0.4% higher at £2,356 a tonne.

Mr Gbagbo on Monday announced the nationalisation of the Ivory Coast cocoa sector, adding that he would confiscate the stored beans, worth more than $1.7bn, or £1.1bn, at current futures market prices.

The move appeared a sign that sanctions imposed at Mr Gbagbo "are beginning to work", Ms Haque said.

See the original article >>

Are we running out of cocoa?

by Wolfgang Weinmann

The recent worrying news from Ivory Coast, the world's largest cocoa bean producer, threatening to temporarily suspend any export, has sent cocoa prices to a record high. UK accounts for an estimated 34% of global production, and cocoa prices are up by more than 20% since the start of the year. So, what does this high volatility mean for businesses and their supply chains?

When talking about sustainability in such a high-charged commodity environment, it's important for a business to take into account both sides of the equation – that of the producers' and the business. In the case of cocoa this means millions of smallholder growers, mainly in countries in sub-Saharan Africa, with unacceptable high levels of poverty. While the rise in market price of crops such as cocoa means the input costs at Cafédirect are going up significantly, as for all other cocoa purchasers, the producers are not necessarily feeling the benefit of this. The price spikes in other volatile commodities, particularly food and oil, means that both the cost of production and the cost of subsistence food has risen for the growers too.

Of course in a market economy one never can take out volatility and speculation completely, but by working in partnership both Cafédirect and the producers are better able to understand and more effectively manage risks in the supply chain. This collaborative working relationship is beneficial to the producer and offers distinct commercial advantages too. 

For example, when we were looking to create our new instant hot chocolate, we realised that it was important to source a new producer partner, as at that time we were only working with one cocoa smallholder cooperative. This posed obvious threats to our supply chain and we needed to reduce those commercial risks. 

However there was also the exciting prospect of being able to extend our social-economic impact and find a new emerging source of cocoa that we could bring to the world market. As a result of months of research and subsequent country visits we have now found a group of smallholders on the island state of São Tomé in west Africa, who grow the rare criollo bean which produces an incredible fine grade quality cocoa. São Tomé is one of the least-developed nations in the world with annual average income of US$ 1,875 per person1. 

Before being able to actually buy from this producer group, Cafédirect has spent 2 years investing heavily in infrastructure to add value at source (such as fermentation tanks and drying tables) and training courses for producers. A producer-owned and managed export cooperative was set up enabling them to trade directly on the international market with other buyers and to apply for Fairtrade certification, which they would have been unable to do without the governance systems in place. 

The end result has been an incredible 500% increase in the income from cocoa crops for smallholder producers in São Tomé. The way they trade has been transformed; from selling raw or "wet" cocoa on the side of the road to passing local traders, to bypassing the middlemen and processing the wet cocoa themselves into dried, fermented beans which they now sell on the international market. 

All this was done through an innovative collaborative public-private partnership approach with producers, the UN's International Fund for Agricultural Development (IFAD) and UK's Department for International Development (DfID), along with funding from Cafédirect. Instead of sourcing suppliers from the register of commodity traders, Cafédirect's approach to finding a new cocoa supplier has resulted in a new cocoa producer group brought into the market.

Such direct trading and long-term, personal relationships with producers offer clear benefits to all involved. For the producers it provides long term and secured market access, generates added value to the crop, ensures investment back into farms and producer organisations to improve yield and quality thus achieving economic, environmental and social impact where it counts most: in smallholder producer communities.

For a business like Cafédirect, it secures constant supply; lowers the default levels of contracts; ensures consistency of quality raw materials; opens a pipeline of information from the ground about yields and any potential issues and thus reduces overall risks to the business. Most importantly this contributes to our understanding of the impact that a business should have to a wider stakeholder community, not just its own shareholders.

The traditional, outdated trading model needs to change if we are going to secure a cocoa supply chain that respects people and planet and guarantees both, sustainable high quality products but, crucially, also the livelihoods of the producers and their communities.

Continue reading this article >>

Cocoa reaches peak on Ivorian turmoil

by Reuters

Cocoa futures climbed to their highest in more than a year on Friday after Ivory Coast's incumbent leader decreed major banks suspending business in the top cocoa grower would be nationalised. 

Arabica coffee was largely flat, just below the nearly 14-year peak touched earlier, with prices underpinned by further roaster buying, while raw sugar dipped ahead of Brazil's harvest but remained in a tight range.

Ivorian incumbent Laurent Gbagbo said the state would take control of all banks that had suspended operations in the West African state earlier this week, a move that turned the nation's post-election crisis into financial meltdown.

“If people can't withdraw money or pay money, it's going to have an effect on the cocoa farmers,” a broker in London said. 

“It's a mess, and until they figure out who's in charge and it gets sorted, the market is going to stay steady.”

ICE benchmark May cocoa futures climbed $12 or 0.4 percent to $3,450 a tonne at 14:21 SA time in thin volume after earlier reaching $3,470, its highest since Jan. 21, 2010. 

Liffe May cocoa was down 2 pounds or 0.1 percent at 2,230 pounds a tonne, below its six-month peak of 2,269, pressured by a 2-week high in the pound. 

“Volumes are poor in both markets because people are too scared to do anything,” the dealer said. 

Cocoa prices on ICE have rallied more than 20 percent since international sanctions and a cocoa export ban have tried to squeeze Gbagbo of funds and force him to stand down after a November 28 election the U.N. said he lost. 

Some dealers said cocoa prices were overbought, as the sanctions and export ban caught only the tail end of the bumper harvest in Ivory Coast, which grows a third of the world's crop. 

However, if Gbagbo remains in power and the cocoa export ban is extended past Feb. 23, hitting the mid-crop, more cocoa will be stranded in the country and start to rot at warehouses, analysts said, hurting the projected supply surplus. 

“The stand-off ... has not much affected exports of the Ivory Coast's main crop, but the forthcoming mid crop could be a different matter,” ABN AMRO/VM Group said in a report on Friday. 

COFFEE ROASTERS BUY 

Arabica coffee prices inched up to their highest in almost 14 years, and robusta coffee hit a fresh 2-1/2-year peak, as limited supplies of quality beans since at least June 2010 have forced roasters to buy despite the high prices, dealers said. 

“There's good buying coming in terms of what roasters are doing, and there's some hedging getting lifted,” a London-based trader said. “And with robusta so much cheaper (than arabicas), people want to extend their cover there.” 

ICE May arabicas fell 0.35 cent or 0.2 percent at $2.6850 per lb at 14:24 SA time, after touching $2.70 a lb, their highest since May 1997. 

Liffe May robusta coffee was up $29 or 1.3 percent at $2,334 per tonne after earlier rising to $2,358 a tonne, its highest since July 2008. 

Arabica prices have been boosted by a third straight year of below-average harvests in Colombia, top producer of high-quality washed arabica beans, with robusta prices also lifted as some roasters substitute the cheaper bean into their blends. 

Raw sugar futures fell further from the 30-year high hit earlier this month, trading in a tight range, as prices moves remained choppy and markets were pressured ahead of next month's harvest in top grower Brazil.

ICE March raw sugar was down 0.24 cent or 0.8 percent at 31.02 cents a lb at 14:24 SA time, below its 30-year high of 36.08 cents a lb from Feb. 2, while London May white sugar was down $6.60 at $720.10 per tonne. 

“We failed again to break 32 cents yesterday and it seems the chart technicians' indicators are causing concern for the bulls,” Sucden Financial said in a market note on Friday. 

New York commodity markets will be closed on Monday in observance of the U.S. President's holiday. - Reuters

Continue reading this article >>

Go Short On Cocoa

Segnale di vendita sul Cocoa 

Sell signal on Cocoa

Cocoa

Il Cocoa si trova su un'ampia area supportiva che potrebbe spingerlo di nuovo verso i massimi di periodo, prima di un nuovo movimento a ribasso.

Cocoa is on a wide support area which could push it again to the previous maximum, prior to any further downward movement.

Cocoa

Sulla chart settimanale il Cocoa sta uscendo da un pattern ribassista che lo proietterebbe a 23.00. 

On the weekly chart Cocoa is breaking from a bearish pattern that pushes it to 23.00.

Cocoa ancora guadagni / Cocoa still gain

Terzo Sell set-up positivo quello di oggi sul Cocoa, anticipato nei giorni scorsi. 

Third good Sell set-up today on Cocoa, early in recent days.

Cocoa

Sul Cocoa si sta configurando un terzo Sell Set-up, dopo i due precedenti che hanno generato due trades entrambe positivi. 

Cocoa are configuring third Sell Set-up after the previous two, which have generated two trades both positive.

Cocoa

Dove andrà il Cocoa? Nel dubbio dimezziamo la posizione aperta con il nostro system Sniper Commodity. 

Where to go Cocoa? In doubt half the open position of our trading system Sniper Commodity.

Cocoa

Secondo e perfetto Short set up consecutivo preso oggi brillantemente dal nostro trading system Sniper Commodity sul Cocoa!

Second and perfect short set-up consecutive, brilliantly taken today by our trading system Sniper Commodity on the Cocoa!

Cocoa

Ordine sul Cocoa annullato.

Cancel Cocoa order.

Cocoa

Pattern rialzista anche sul Cocoa, Buy sopra il massimo di ieri e Stop Loss sotto il minimo della stessa giornata. Tradotto in numeri
Buy Stop   2972
Stop Loss  2903
Profit        3209