By IFCMarkets
Lower rainfall in Ivory Coast bullish for #C-COCOA
Lower than usual rainfall in Ivory Coast last week highlighted need for more rain to boost the crop. Ivory Coast is the world’s top cocoa producer. The International Cocoa Organization (ICCO) cut its forecast for global production by 74,000 tons to 4.75 million in its latest quarterly update on May 29. It forecast a global cocoa deficit of 80,000 tons in the 2019/20 season that runs from October to September. The estimate is slightly below its previous projection of 85,000 tons. ICCO forecast production in Ivory Coast to reach 2.15 million tons in 2019/20, down from a previous projection of 2.18 million. Data showed rainfall in both western and eastern regions of Ivory Coast were below the average last week. Lower rainfall in top cocoa producer country is bullish for cocoa price.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Neutral | |
| MA(200) | Sell | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Summary of technical analysis
| Order | Buy |
| Buy stop | Above 2477 |
| Stop loss | Below 2314 |
Market Analysis provided by IFCMarkets
