Same story, different day for cocoa futures. Lack of demand continues to pull cocoa prices lower. The chart looks bearish, short-term outlook for demand is bleak. Cocoa futures have found support at lower and lower levels the past week. Although the global vaccine rollout has been somewhat promising, issues overseas has caused concern in the markets. Lockdown measures still in place in some areas as Covid-19 cases rise again continue to hurt a chance of a recovery in cocoa prices. European demand has been weak, chocolate companies continue to report weaker earnings. Continue to monitor prices in the currencies correlated to cocoa, Euro and Pound specifically. For now, traders should follow the technicals. If cocoa finds a bottom on Friday’s trading day, look for a short-term bounce to start the week if the COT data is positive.