Yesterday at a glance: Cocoa rose $12 to close at $2,936 per metric tonne yesterday which makes for a move of 0.41%.
At the same time, United States Core PCE Price Index (MoM) (Mar) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 236,400, while the previous figure was 244,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 185,300, while the previous figure was 189,900.
Cocoa's upper Bollinger Band® is at $3,005.57, this is a slight indication of a slowdown.
Overall, looking at the technical analysis landscape, it seems CME Cocoa is likely to reverse course and start pointing down in the short term.
While the Cocoa future is higher so far today, these Softs commodities are underperforming: after ending yesterday's session at $188.2, Coffee lost $2.45 and is trading around $185.75.
The commodity has been trending positively for about a month. The Cocoa future has fallen back around 1.91% from the significant high of $2,981 set 8 days ago.