Funds Still Covering Cocoa
Friday’s Commitments of Trader’s Report showed there were still funds short cocoa after the past
two weeks’ heady 200-plus-point gain. Funds are continuing to cover shorts as
cocoa, the leading Momentum-5
list contract are showing strong gains again, up 38 at 995.
Coffee is in a similar position with funds still short a
large number of contracts, implying the commodity could see a bear squeeze (a
rally). March coffee
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PowerRating) is up 1.40 to 69.70.
Lower production figures out of the UK, this time in autos,
are bolstering the case for lower interest rates.
British pounds
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PowerRating) have fought back from a big gap-down opening and
are trading right at their Turtle Soup Plus One Buy
trigger. This contract has already logged large range, so rallying much
above the trigger may prove difficult.
Pork bellies are up re-testing three-month highs on the USDA’s monthly cold
storage report.