{"id":96583,"date":"2016-10-10T07:07:11","date_gmt":"2016-10-10T11:07:11","guid":{"rendered":"http:\/\/countingpips.com\/?p=96583"},"modified":"2016-10-10T07:07:11","modified_gmt":"2016-10-10T11:07:11","slug":"c-cocoa-commodities-cocoa-technical-analysis-october-10-2016","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/c-cocoa-commodities-cocoa-technical-analysis-october-10-2016\/","title":{"rendered":"#C-COCOA: Commodities Cocoa Technical Analysis October 10, 2016"},"content":{"rendered":"
October 10, 2016<\/div>
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By IFCMarkets<\/a><\/p>\n

Cocoa exports from Cote-d\u2019Ivoire suspended<\/strong><\/p>\n

In Cote-d\u2019Ivoire which is the world leader in cocoa<\/a> production a failure of SYDORE system to order beans has occurred. As a result, exports from San-Pedro and Abidjan harbors in Cote-d\u2019Ivoire have been suspended. Will cocoa prices rise?<\/p>\n

Coffee and Cocoa Council believes the system failure could be coming from tax imputation. Another growth factor for cocoa prices may be the significant weakening of the British pound as significant volumes of cocoa beans are traded in London. Moreover, the government of Cote-d\u2019Ivoire raised for the local farmers the minimum purchase price by 10% in season 2016\/17. As a result, several companies engaged in export supplies lacked financing. Moreover, cocoa prices edged lower in September due to rainy weather in Cote-d\u2019Ivoire which leads to higher crops.<\/p>\n

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

On the daily chart Cocoa: D1<\/b> is correcting up from the support of the sideways channel which has not been left. Prices may rise in case of worse weather in Cote-d\u2019Ivoire and Ghana as well as in case of further delay in export.<\/p>\n