NIB - Cocoa Heads For The Upper End Of Its Trading Range
After reaching a high at $2914 per ton on the nearby ICE futures market last spring, the price of cocoa futures settled into a $2000 to $2400 range which has been in place since last July. Over the period, the price of the commodity has made three trips to test to the downside, and now it appears to be on its way to the upper end for the fourth time. Since October, the soft commodity has been making higher lows and higher highs in a sign of price strength for the primary ingredient in chocolate