Cocoa hit our Target $26.90 next target $30.60

Target reached with Cocoa at $26.90
7>21>200 MA
Still bullish
Target 2 due to an even bigger Cup and Handle sets the next price to $30.60

But with peripherals, there are a few reasons for the spike in Cocoa prices.

People are buying chocolates!
January is typically a busy month for chocolate manufacturers as they gear up for Valentine's Day, which results in increased demand for cocoa and can lead to an increase in prices.

Speculative buying:
Some investors and traders may anticipate a rise in cocoa prices and begin to buy up large quantities of cocoa futures in anticipation of a price increase. This buying activity can drive prices up.

Production forecasts
If there are forecast of lower cocoa production and if demand is strong, prices would rise as a lack of supply will cause price to increase.