Currently trading at $2,604 per metric tonne, the Cocoa future remains range-bound between $2,566 and $2,606.
United States ISM Manufacturing PMI (Dec) is next today at 15:00 UTC.
Meanwhile, United States Manufacturing PMI released yesterday at 14:45 UTC with a figure of 46.2, while the previous figure was 47.7.
Cocoa could be slowing down soon as it approaches resistance at $2,599. Of course, crossing it might suggest further gains are ahead. Although up today, early price action saw Cocoa dropping below its 10 day Simple Moving Average at $2,567 — an early indicator that a new downward trend could be emerging. The Cocoa future's upper Bollinger Band® is at $2,656.16, this is a slight indication of a slowdown.
Examining the technical analysis landscape, the Cocoa future is likely to reverse course and start pointing downward in the short term.
At the same time, Coffee closed at $162.25 (down 2.44%). Sugar slides down 0.51% to trade around $19.6.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 2.23 million. It previously stood at 718,000; data will be released tomorrow at 16:00 UTC.
Also worthy of note, United States ADP Nonfarm Employment Change (Dec) will be released tomorrow at 13:15 UTC. United States JOLTs Job Openings (Nov) scheduled to come out today at 15:00 UTC.
The Cocoa future is now trading 16.3% above the significant low ($2,211.5) it slumped to 3 months ago.