Jul ’20 Cocoa Futures start the day showing some strength despite weakness in equities this morning. Cocoa being economically sensitive has seen this product under price pressure with the constant threat lower demand holding buyers back. There has been some return of risk on sentiment building quietly in the markets which has been adding bullishness to this market. Rising or at least stable prices in Cocoa are supported by continued production concerns, which with any significant return in demand would give cocoa futures solid upside potential. From a technical perspective this market is well off the lows and has tested looks ready to test resistance again. If Jul ’20 cocoa futures can break out and close above 2400 it could be a solid bullish opportunity.