Late into the session, the Cocoa future loses $59 (2.33%), currently trading at $2,477 per metric tonne.
CME Cocoa is currently trading at $2,477 following the release of ISM Non-Manufacturing PMI (Nov) data from the United States.
Amid the market gloom, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Factory Orders beat analyst expectations of 0.7% and the previous reading of 0.3% with new data of 1%. United States ISM Non-Manufacturing Employment (Nov) released today at 15:00 UTC with a figure of 51.5, while the previous figure was 49.1.
Cocoa made an initial break below its 21 day Simple Moving Average at $2,478.64, a possible indication of a forthcoming negative trend. On the other hand, note that CME Cocoa bounced after reaching the $2,504.33 support zone, climbing $27.33 above it.
Overall, looking at the technical analysis landscape, it seems CME Cocoa is likely to start pointing downward in the short term.
Taking a look at other Softs commodities, negative performances are evident as Cotton is down to $83.39, losing 89 cents, after closing at $84.28 in the preceding trading session.
Positive performances can be seen by looking at other Softs markets as Coffee is up 2%. Sugar is up 0.41%.
Furthermore, United States EIA Short-Term Energy Outlook will be released tomorrow at 17:00 UTC.
CME Cocoa is now trading 14.67% above the significant low ($2,211.5) it slumped to 2 months ago.