After closing the previous trading day at $2,592, the Cocoa future is up to $2,627 per metric tonne, which makes for a move of 1.35%/$35 today.
United States Core PCE Price Index (MoM) (Dec) is next today at 13:30 UTC.
This move comes while some more positive signs for CME Cocoa are out as data for United States Core Durable Goods Orders released yesterday at 13:30 UTC is better than expected with -0.1%, but worse than previous figure of 0.1%. Highly important GDP data from United States beat analyst expectations of 2.6 with a reading of 2.9.
Meanwhile, United States New Home Sales (Dec) came out at 616,000, while a consensus of analysts was expecting 617,000.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $2,670.41, thereby suggesting that Cocoa is becoming overvalued.
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest CME Cocoa is set for a reversal in the coming days.
Rallies can also be seen in other Softs, having closed the previous session at $20.11, Sugar is up 3.13% today to currently trade at around $20.74. Having closed the previous session at $162.45, Coffee is up 3% today to currently trade at around $167.3.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released today at 15:00 UTC.
The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (Dec) will be released today at 13:30 UTC.
The Cocoa future now trading 13.78% above its 3-month low of $2,211.5.