{"id":105447,"date":"2017-05-01T10:49:41","date_gmt":"2017-05-01T14:49:41","guid":{"rendered":"http:\/\/countingpips.com\/?p=105447"},"modified":"2017-05-01T10:49:41","modified_gmt":"2017-05-01T14:49:41","slug":"cocoa-technical-analysis-cote-divoire-reduced-the-export-of-raw-cocoa-beans","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/05\/cocoa-technical-analysis-cote-divoire-reduced-the-export-of-raw-cocoa-beans\/","title":{"rendered":"COCOA: Technical Analysis – Cote d\u2019Ivoire reduced the export of raw cocoa beans"},"content":{"rendered":"
May 1, 2017<\/div>
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By IFCMarkets<\/a><\/p>\n

Cote d\u2019Ivoire reduced the export of raw cocoa beans<\/strong><\/p>\n

The cocoa prices declined by 44% over the last 12 months. Meanwhile, Cote d\u2019Ivoire, the world\u2019s largest cocoa producer, decreased the export of raw beans in 2016\/17 season by 2.3% compared to the same period of the previous season. Will the cocoa<\/a> prices rise?<\/p>\n

The 2016\/17 agricultural season started from October 1, 2016. From that time till the end of March of the current year, the export from Cote d\u2019Ivoire amounted to 892.7 thousand tonnes compared to 914 thousand tonnes for the same period of the previous season. Deliveries of cocoa semi-finished products on the world market from the Cote d\u2019Ivoire have slightly increased by 2.5% and amounted to 219.3 thousand tonnes since the beginning of 2016\/17 season. Meanwhile, market participants expected a considerable growth in the world cocoa production. Recently, its prices have slumped to the lowest in 9 and a half years. According to the U.S. Commodities Futures Trading Commission, the net short position on cocoa reached the highest in 11 years, which may indicate a significant activity of speculators. Cote d\u2019Ivoire accounts for 36% of the world production of this agricultural product. Theoretically, a weak growth of exports from this country may cause an upward correction of cocoa prices. Note, that the US Hershey company reported about an increase in the quarterly revenue from the sales of chocolate products by 2.8% to $1.88 bn. It may be assumed that this indicates about a stable high demand not only in the US, but also in other developed countries.<\/p>\n

\"Cocoa\"<\/p>\n

On the daily time frame, Cocoa: D1<\/b> is in a downtrend, but, at the same time, it is trying to correct upwards. The price growth is possible in case of decline in world harvest with a stable high demand for chocolate.<\/p>\n