{"id":97284,"date":"2016-10-26T06:29:48","date_gmt":"2016-10-26T10:29:48","guid":{"rendered":"http:\/\/countingpips.com\/?p=97284"},"modified":"2016-10-26T06:29:48","modified_gmt":"2016-10-26T10:29:48","slug":"c-cocoa-technical-analysis-october-26-2016-cocoa-shipments-fell","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/10\/c-cocoa-technical-analysis-october-26-2016-cocoa-shipments-fell\/","title":{"rendered":"#C-COCOA: Technical Analysis October 26, 2016 – Cocoa shipments fell"},"content":{"rendered":"
October 26, 2016<\/div>
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By IFCMarkets<\/a><\/p>\n

Cocoa shipments fell<\/strong><\/p>\n

Shipments of cocoa<\/a> to the harbors of Cote-d\u2019Ivoire in period of October 1-23 were 152 thousand tonnes. This is almost 30% below the last-year level of 218 thousand tonnes on the same date. Will cocoa prices advance?<\/p>\n

Cocoa prices slumped 15% since the mid-August 2016 on favorable weather in Western Africa. New agricultural season for cocoa will start on October 1. Cote-d\u2019Ivoire accounts for 36% of global cocoa crops. Another 24% are harvested in the nearby Ghana. Additional factor for cocoa price increase may be its 5.6% higher imports to China in September 2016 compared to the same period of last year. Cocoa refinement in Asian countries rose 12.5% to 167.74 thousand tonnes in Q3 2016 compared to previous year, according to Cocoa Association of Asia. Previously Bahia Commercial Association reported that cocoa shipments to Brazilian harbors from the main agricultural regions of country tumbled 35% to 94.4 thousand tonnes in period of May 1 \u2013 October 16, 2016 compared to the same period of 2015. The share of Brazil in the global cocoa market is around 5%.<\/p>\n

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

On the daily chart Cocoa: D1<\/b> has hit a fresh 4-year low and started correcting up after that. Its further increase is possible in case of higher demand in Asian countries and lower rates in Brazil and Core-d\u2019Ivoire.<\/p>\n