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|Cocoa eases on profit taking after hitting year-high|
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|Roddy Radar|| |
Registered Member #199Joined: Tue May 06 2003, 09:39AM
Location: Houston, USA
| Cocoa eased as traders locked in profits with prices at sky high levels, while few were prepared to buy at elevated levels. |
Cocoa futures on the Euronext Liffe exchange topped 1,100 stg, a key psychological level, both today and yesterday but failed to hold at those levels.
"The industry is not interested in these prices, it's looking for a deeper retracement," said a trader.
At 12.56 pm, September Cocoa was down at 1,094 stg a tonne on the Euronext Liffe against 1,099 stg at the close yesterday, having struck 1,102 stg earlier. Yesterday, cocoa rose to 1,104 stg, its highest price so far this year.
In the longer term, forecasts for a global deficit in the 2006/07 (September to October) season are likely to support cocoa prices, said traders.
The International Cocoa Organisation's latest forecast stands at a deficit of between 100,000 and 125,000 tonnes.
Source: AFX 27 Jun 2007
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