For investors looking for momentum, iPath Bloomberg Cocoa Subindex Total Return ETN is probably a suitable pick. The fund just hit a 52-week high — up roughly 31% from its 52-week low of $23.77/share.

Does it have more gains in store? Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

NIB in Focus

The iPath Bloomberg Cocoa Subindex Total Return ETN is designed to provide exposure to the Bloomberg Cocoa Subindex Total Return. The fund charges 70 bps in fees (see all Agricultural ETFs here).

Why the Move?

Strengthening global demand for cocoa has been pushing prices higher.  The holiday season is probably driving demand as it is a season for baked and other treats and is thus exerting  upward pricing pressure on confection and beverage commodities.

More Gains Ahead?

The fund also has a positive weighted alpha of 26.00, which gives cues of further rally.

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