Cocoa is down to $2,532 per metric tonne, after ending yesterday at $2,570. Overall, a 1.48% loss or $38 today.
United States Existing Home Sales (Dec) is next today at 15:00 UTC.
In contrast, positive data for CME Cocoa reported earlier when highly important Crude Oil Inventories data from United States beat analyst expectations of -593,000 with a reading of 8.41 million. United States Initial Jobless Claims beat analyst expectations of 214,000 and the previous reading of 205,000 with new data of 190,000.
While price action maintains a negative bias, United States Philadelphia Fed Manufacturing Index (Jan) released yesterday at 13:30 UTC with a figure of -8.9, while the previous figure was -13.7.
Cocoa's lower Bollinger Band® is at $2,479, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis indicates that CME Cocoa (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other Softs as Sugar closed at $19.61 (down 0.36%).
Though CME Cocoa has been dropping, other Softs have been performing better: Cotton moves up 1.42% to trade around $84.57.
Furthermore, United States Existing Home Sales (Dec) is scheduled for today at 15:00 UTC.
Cocoa hit a significant low of $2,211.5 around 3 months ago, but has since recovered 16.21%.