The Cocoa future trades at $2,367 per metric tonne, after ending yesterday at $2,372.
United States Non Farm Payrolls is next.
This uncertain state for CME Cocoa is reflected by published market data as United States ISM Non-Manufacturing PMI (Oct) released yesterday at 14:00 UTC with a figure of 54.4, while the previous figure was 56.7. United States Initial Jobless Claims beat analyst expectations of 220,000 and the previous reading of 218,000 with new data of 217,000. New Factory Orders data from United States matched market expectations with a reading of 0.3% — a positive step in contrast to previous data of 0.2% from last month.
Cocoa's upper Bollinger Band® is at $2,401, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests CME Cocoa is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Softs as Cotton is down to $81.83, losing 34 cents, after closing at $82.17 in the preceding trading session.
Moreover, projections for United States Non Farm Payrolls are set for a continuation of decline with 200,000 while previous data was 263,000; data will be released today at 12:30 UTC. Today at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
A month ago, Cocoa fell to a low of $2,211.5 but has since recovered 7.26%.