cocoa futures brokers

cocoa futures brokers

July 21st, 2015

Citigroup recommends taking short position
in New York-traded cocoa futures for Dec. delivery, w/ price
target of $3,000/mt into expiry, analysts incl. Aakash Doshi and
Edward Morse wrote in a note dated Monday.

* NOTE: Dec. contract was at $3,352 on Tuesday
* 14-day RSI indicates prices may have risen too quickly
* Global slowdown in cocoa grindings has been prompted by high
cocoa, butter prices in recent yrs, underwhelming economic
growth in OECD, China
* Global grinding likely to disappoint further
* Supply situation appears to be improving “modestly” in
West Africa; Citigroup forecasts cocoa surplus of >110k t in
2015-16

- By Rudy Ruitenberg Bloomberg.