Cocoa prices fluctuate and weather worries

According to Hedgepoint Global Markets, despite the more sideways behavior on the New York and London exchanges, weather conditions in the main origins, Côte d'Ivoire and Ghana, remain one of the key points of attention for the market, with the potential to alter price dynamics in the short term. "We are seeing a market guided more by technical adjustments in the recent period, but that remains highly sensitive to weather updates in the producing regions. Even small changes in the rain pattern can generate significant movements in prices," says Carolina França, market intelligence analyst at Hedgepoint Global Markets. Last Friday, February 6, cocoa futures contracts closed lower, reversing the recovery attempt observed in the previous session. According to Hedgepoint Global Markets, the market maintained a sideways behavior, with prices oscillating between $4,086 and $4,401 per ton in New York and between £2,885 and £3,129 per ton in London. Prices operated near technical oversold ...