Cocoa continues a 5 day surge, reaping a total of 5.63%. Consistent for now — after closing the previous trading day at $2,480, Cocoa is up to $2,497 per metric tonne, which makes for a move of 0.69%/$17 today.
The Cocoa future upside coincides with further encouraging market factors as United States Pending Home Sales came out at -4.6%, better than analyst estimates of -5% and improving upon the previous reading of -8.7%.
On the flip side, Crude Oil Inventories in United States fell short of market expectations (-2.76 million) with a reading of -12.58 million, continuing the decline from the previous figure of -3.69 million.
At the same time, United States JOLTs Job Openings (Oct) came out at 10.33 million, while a consensus of analysts was expecting 10.3 million.
This rally in CME Cocoa's price coincides with other Softs as having closed the previous session at $80.61, Cotton is up 4.96% today to currently trade at around $84.61. Sugar is up 0.41%.
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Initial Jobless Claims is projected to outperform its last figure with 235,000. It previously stood at 240,000; data will be released today at 13:30 UTC.
Also worthy of note, United States Non Farm Payrolls projected to decline to 200,000 while previous data was 261,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Oct) is scheduled for today at 13:30 UTC.
Cocoa is up 12.14% from the significant low of $2,211.5 it hit 2 months ago.