Stable at $2,775 and still trending upwards, Today's session might suggest a slow down — CME Cocoa trades at $2,775 per metric tonne, after ending yesterday at $2,779.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
Uncertainty around CME Cocoa is reflected by published market data as data for United States Crude Oil Inventories released yesterday at 16:00 UTC is better than expected with 7.65 million, but worse than previous figure of 16.28 million. GDP in United States fell short of market expectations (2.9) with a reading of 2.7, continuing the decline from the previous figure of 3.2. Data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 192,000, beating projections of 200,000 and showing improvement over the preceding figure of 195,000.
Cocoa's upper Bollinger Band® is at $2,832.48, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests Cocoa is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Softs as Coffee drops 4.69% to trade around $190.15. Cotton stumbles 0.56% to trade around $81.95.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Jan) will be released today at 13:30 UTC. United States New Home Sales (Jan) scheduled to come out today at 15:00 UTC.
Having soared to a high of $2,795 approximately 2 days ago, CME Cocoa is now trading 0.57% lower.