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Barchart
Barchart
Rich Asplund

Oversold Conditions Spark Technical Short Covering in Cocoa

Ice ICCO Ghana London Ivory Coast NY

December ICE NY cocoa (CCZ25) on Monday closed up +93 (+1.50%), and December ICE London cocoa #7 (CAZ25) closed up +45 (+1.05%).

Cocoa prices shook off early losses on Monday and turned higher on technical short covering after cocoa futures moved further into oversold territory.  An excessive sort position by funds could exacerbate any short covering rally as funds boosted their net-short positions in London cocoa by 2,935 to 5,711 in the week ended September 30, the largest short position in more than three years, according to last Friday's weekly Commitment of Traders (COT) data.  The US government shutdown has delayed the release of figures for NY cocoa positioning.  

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