Cocoa Futures End Higher; Cotton Erases Losses
By Julie Wernau
Cocoa futures resumed their upward trend on Friday as technical traders eye another leg up next week.
Cocoa ended up 1.2% at $2,212 a ton in the March contract on the ICE Futures U.S. exchange.
Sucden Financial said despite Thursday's soft session, technical indicators favor the upside for cocoa. The firm said a close above $2,200 would set the contract up to challenge $2,240 early next week.
In other markets, cotton futures closed higher, erasing Thursday's losses from a bearish report from the U.S. Department of Agriculture regarding cotton supply and demand.
"Growers should remain poised and ready to take advantage of unexpected rallies, and protect themselves from sudden selloffs," said John Robinson at Texas A&M University.
Mr. Robinson says he thinks it will be difficult to see cotton rally to 70 cents.
Cotton for December rose 1.1% to 69.05 cents a pound, March raw sugar ended up 0.5% at 14.96 cents a pound, frozen concentrated orange juice for January was up 1.1% at $1.626 a pound.
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