​Global Cocoa Deficit Deeper Than Expected, US Stockpiles Hit 2009 Lows – Tyler Durden

Global Cocoa Deficit Deeper Than Expected, US Stockpiles Hit 2009 Lows Following a massive price surge in cocoa prices in New York earlier this year, where prices topped nearly $12,000 per ton before bottoming out in the low $7,000s and resulting in what technical analysts say is a triangle pattern, prices are expected to stay rangebound as compression indicates a major move nears.  Bloomberg cites new data from the International Cocoa Organization that says demand will exceed production by 462,000 metric tons. That’s about 5.2% more than the ICCO’s May forecast of a 439,000-ton deficit. This is a much larger shortage than the…  — Continue at ZeroHedge News : Read More