CME Cocoa is up to $2,468 per metric tonne today after closing yesterday at $2,453. Overall, a 0.61% move or $15 today.
At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.974, while the previous figure was 4.192. United States 2-Year Note Auction came out at 4.505.
Cocoa made an initial breakout above its 200 day Simple Moving Average at $2,457.45, a potential indicator of a newly emerging bullish phase. The Cocoa future is currently trading around the $2,451 Fibonacci resistance level. Despite this, the Cocoa future broke through the $2,465.5 resistance and climbed $2.5 above it.
Overall, looking at the technical analysis landscape, it seems the Cocoa future might continue pointing upwards in the short term.
This rally in Cocoa's price coincides with other Softs as Coffee is up 1.68%. Cotton climbs 1.33% to trade around $80.84. Sugar added 0.65% to its value, now trading at $20.
Moreover, macro data could boost sentiment further as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.5%. The figure will be published tomorrow at 13:30 UTC.
Furthermore, the market is looking at projections for United States Initial Jobless Claims are set for a continuation of decline with 225,000 while previous data was 222,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States New Home Sales (Oct) will be released tomorrow at 15:00 UTC.
Having set a significant low of $2,211.5 a month ago, the Cocoa future is trading 10.92% higher.