Cocoa is down to $2,920 per metric tonne, after ending yesterday at $2,966. Overall, a 1.55% loss or $46 today.
United States's Consumer Confidence new data released of 101.3 below its previous figure.
Following a previous reading of 104, Consumer Confidence in United States released today at 14:00 UTC fell short of the 104 figure expected by analysts with an actual reading of 101.3.
While price action maintains a negative bias, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released today at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Overall, the technical analysis landscape suggests that on the balance of probability, the Cocoa future is expected to maintain its bearish bias.
Taking a look at other Softs commodities, negative performances are evident as Cotton is down to $78.38, losing $2.31, after closing at $80.69 in the preceding trading session. Coffee descends 2.17% to trade around $189.25.
Positive performances can be seen by looking at other Softs markets as Sugar surges 2.45% to trade around $25.94.
Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was -0.1%, data will be available tomorrow at 12:30 UTC.
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
The commodity has been trending positively for about a month. The past 3 months have been positive for CME Cocoa as it added 15.27% compared to its 3-month low of $2,211.5.