CME Cocoa trades at $2,979 per metric tonne, after ending yesterday at $2,977.
CME Cocoa's state is reflected by market data as United States Crude Oil Inventories published yesterday at 14:30 UTC came out at -4.58 million, falling short of the -1 million projections and continuing its decline from the previous 597,000 figure. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909. United States Cushing Crude Oil Inventories came out at -1 million, while a consensus of analysts was expecting 622,000.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Cocoa's upper Bollinger Band® is at $3,049.58, suggesting that a downward move may follow.
Overall, while the Cocoa future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out today at 12:30 UTC. United States Existing Home Sales (Mar) will be released today at 14:00 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 240,000, following on from the preceding figure of 239,000. New data is set to be published today at 12:30 UTC.
The commodity has been trending positively for about a month. The past 3 months have been positive for the Cocoa future as it added 15.93% compared to its 3-month low of $2,211.5.