NY cocoa to fall to $2,547/T

SINGAPORE: New York cocoa has fallen below a range of 2,654-$2,761, and is heading towards $2,547 per tonne.

The consolidation in the range has released a stronger bearish momentum to drive the price lower, and based on the price difference between the high and the low of the range the contract is expected to reach $2,547.

A rise to $2,670 will keep the signals neutral until the low at $2,630 is broken, and the $2,547 level will be retargeted.