NY cocoa may test support at $2,271

SINGAPORE: New York September cocoa may test a support at $2,271 per tonne, a break below which could open the way towards $2,232.

The contract is riding on a wave C from $2,505, which is expected to extend into the range of $2,232-$2,271, as it has travelled far below its 100% projection level of $2,336.

Sugar prices fall on ample supplies; cocoa, coffee also down

Resistance is at $2,296, a break above which could lead to a gain limited to $2,311.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.