In the last 3 days, CME Cocoa has lost a total of 2.81% of its value. More of the same today: CME Cocoa is grinding lower from $2,340 to $2,318 per metric tonne, shedding $22 (0.94%) today.
Amid the market gloom, United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
Technical chart analysis shows Cocoa could begin to recover as it approaches significant support, now $8.33 away from $2,309.67. Dipping below could be an indication that further losses are ahead.
Taking a look at other Softs commodities, negative performances are evident as Sugar withdraws 0.48% to trade around $18.68.
Though Cocoa has been dropping, other Softs have been performing better: having closed the previous session at $83.09, Cotton is up 0.42% today to currently trade at around $83.44.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to 1.55 million while its preceding data was 9.88 million, data will be available tomorrow at 14:30 UTC.
Furthermore, United States Building Permits (Sep) is expected tomorrow at 12:30 UTC.
Having set a significant high of $2,821 22 days ago, Cocoa is trading 5.81% lower.