SINGAPORE: New York May cocoa is expected to break a support of $2,718 per tonne, and fall to $2,692. The drop from the March 1 high of $2,856 consists of three waves.

The current wave c is capable of travelling to $2,692, its 100% projection level.

Ivory Coast 2022/23 cocoa arrivals seen at 1.688mn T by March 5

An extension of this wave towards a range of $2,623-$2,649 could be likely, because of a possible completion of a five-wave cycle from the Sept. 26 low of $2,188.

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