Stable at $2,529 and still trending upwards, Today's session might suggest a slow down — a mostly flat day so far for CME Cocoa, ranging between $2,506 and $2,549; currently at $2,529 per metric tonne.
United States Core Consumer Prices is next.
CME Cocoa's state is reflected by market data as data for United States Crude Oil Inventories published yesterday at 15:30 UTC came out at 3.92 million, beating projections of 1.36 million and showing improvement over the preceding figure of -3.12 million. United States 10-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.14, while the previous figure was 3.93. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of -923,000, while the previous figure was 1.27 million.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that CME Cocoa's upper Bollinger Band® is at $2,541.24, suggesting that a downward move may follow. Technical analysis shows that the Cocoa future is approaching key support, around $20 away from $2,509. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Notwithstanding CME Cocoa's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Data to be released later is expected to clarify investor sentiment while boosting price action volatility as United States Consumer Price Index figure is projected at 0.6%. It previously stood at 0.4%; data will be released today at 13:30 UTC. United States Core Consumer Prices figure is projected at 0.5%. It previously stood at 0.6%; data will be released today at 13:30 UTC. United States Consumer Price Index is expected today at 13:30 UTC.
After hitting an important low of $2,211.5 approximately a month ago, CME Cocoa has bounced back 14.4% since.