Cocoa futures are on the course for what would be their highest close in a nearly two months after a survey shows that global stocks of Coca futures smaller than what was expected but Robobank could spend prices up by 10%.
New York cocoa futures for March was pinned at 1.7% and was being sold at $1,993 per ton in the late deals, and slid back within an ace of their 200-day moving average, and is raking in gains so far in 2018.
The Agricultural commodities market have somehow found support from the weakness in the dollar, making dollar denominating exports more affordable, sterling-denominated prices was also up in London, inching up by 2.0% being sold at £1,383 per metric ton, despite the gains in the pound.
The price increase was followed by the result of a review by a panel of experts of an annual International Cocoa Organization stocks survey, which was a review finding that inventories since the start of the current 2017-2018 season which significantly smaller than the number that the organization has been working with.
North American data shows inventories are on the rise by 106,000 tons over the season to 291,000 tons, carryout stocks in European warehouses were pegged down by 51,238 compared to last year, at 848,000 tons.
“This result reflects a cocoa supply surplus smaller than the one published by the ICCO in its latest quarterly bulletin”, in November, which showed inventories rising by 335,000 tons over 2016-17.