In the last 7 days, Cocoa has lost a total of 3.52% of its value. More of the same today: the Cocoa future is down to $2,301 per metric tonne, after ending Friday at $2,306. Overall, a 0.22% loss or $5 today.
Bollinger Bands® shows an indication of recovery: the lower band is at $2,268, a low enough level to, generally, suggest that Cocoa is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems the Cocoa future —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
Taking a look at other Softs commodities, negative performances are evident as Coffee is down to $188.95, losing $1.95, after closing at $190.9 in the preceding trading session.
Positive performances can be seen by looking at other Softs markets as Cotton moves up 0.71% to trade around $79.69.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Consumer Confidence data is projected to fall short of market expectations with newly published data of 106.5, following on from the preceding figure of 108. New data is set to be published tomorrow at 14:00 UTC.
Having set a significant high of $2,821 28 days ago, CME Cocoa is trading 4.27% lower.