Cocoa confirms trend and opens another session with devaluation in the futures market



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Maintaining the downward trend and pressure from rain in important producing centers, the cocoa futures market opened on Friday (3) with devaluation in New York.

At around 9:15 am (Brasília time), the reference contract registered a drop of 0.89%, traded for US$ 2560. The market continues to be pressured by the rains recently recorded in West Africa, which alleviate the drought conditions in Côte d'Ivoire and Ghana.

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“Although inflation in the US remains high, the FED believes that the disinflation process has already begun. Even given this fact that could impact demand, cocoa is managing to remain above the important support in March”, adds an analysis from the Mercado do Cacau website.

In finance, at 9:19 am (Brasília time), the dollar advanced 1.04%, traded for R$ 5.10 on sale. “The dollar rose sharply against the real shortly after opening this Friday, with investors reacting negatively to President Luiz Inácio Lula da Silva's criticism of the Central Bank's independence, while the market also awaits the release of a government employment report. of the United States”, adds the Reuters analysis. 

Source: Notícias Agrícolas

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