COCOA launched today's trading with a bullish price gap and is now trading over 5% higher on the day. North American cocoa grinding data for Q1 2024 was released yesterday after close of futures market. Data showed Q1 grinding in the North America to be higher than a year ago and higher than a quarter ago. It should be noted that grinding in 2023 dropped the most in the United States, therefore it was expected that negative impact of price increases will be the most evident in the US.
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COCOA continued to gain after higher launch of today's trading. However, part of the gains was trimmed later on and it cannot be ruled out that sellers will attempt to fill the bulish gap. Data on positioning that will be released in 2 weeks will be key for the market as it will show how investors positioned themselves after release this week's grinding data.
Source: xStation5
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