After closing the previous trading day at $2,933, Cocoa is up to $2,960 per metric tonne, which makes for a move of 0.92%/$27 today.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $3,002.51, thereby suggesting that Cocoa is becoming overvalued.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Cocoa is set for a reversal in the coming days.
At the same time, Cotton draws back 2% to trade around $81.64. After ending yesterday's session at $188.05, Coffee lost $3.7 and is trading around $184.35. Sugar slips 0.95% to trade around $26.07.
Furthermore, the market is looking at tomorrow at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -1.6 million from the preceding figure of -1.28 million.
Furthermore, the market is looking at United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.
The past 3 months have been positive for the Cocoa future as it added 13.59% compared to its 3-month low of $2,211.5.