The market was boosted by speculators repositioning themselves, said Peter Mooses, senior market strategist with RJO Futures in Chicago. “There was a bounce in speculators holding onto their positions and adding to their positions,” Mooses said. Additionally, the International Sugar Organizations’ Friday forecast showing a 4.6 million-tonne global surplus against a 3.9 million deficit in the prior season, boosted prices, Mooses said.
Cocoa traded both sides on Monday, rebounding slightly after being oversold, Mooses said. “It’s trying to find a little support in the 1,800 level,” he said.
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