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Barchart
Barchart
Rich Asplund

Oversold Conditions Spark Technical Short Covering in Cocoa Futures

March ICE NY cocoa (CCH26) today is up +21 (+0.50%), and March ICE London cocoa #7 (CAH26) is up +22 (+0.75%).

Cocoa prices extended their month-long slide today, with NY cocoa posting a 2.25-year nearest-futures low and  London cocoa posting a 2.5-year nearest-futures low.  However, prices neared extreme oversold conditions and technical short covering from funds emerged to push prices higher.

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