Cocoa Futures Technical Analysis

December cocoa prices on Friday rallied to a 1-3/4 month high and finished the week up sharply by +5.82%. Cocoa prices trended higher throughout the week as they extended their 3-week rally. The latest leg higher in cocoa prices was fueled by fund buying sparked by Wednesday’s report from Reuters that the Ivory Coast and Ghana are considering an output ceiling on cocoa production to support prices and discourage overproduction.