Cocoa posts light gains on a low-volatility day, ranging between $2,475 – $2,509 and is now at $2,488 per metric tonne.
The Cocoa future is currently trading at $2,488 following the release of EIA Short-Term Energy Outlook data from the United States.
Meanwhile, United States ISM Non-Manufacturing PMI (Nov) came out at 56.5, while a consensus of analysts was expecting 53.3. United States Trade Balance (Oct) released today at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports is released with a new figure of 256.6 billion, this is down from preceding data of 258.5 billion.
Cocoa made an initial breakout above its 21 day Simple Moving Average at $2,483.74, a potential indicator of a newly emerging bullish phase. On the other hand, note that although CME Cocoa is appreciating today after rising as high as $2,509, price action is now slowing and consolidating around $34 below the $2,522 resistance level.
Overall, looking at the technical analysis landscape, it seems the Cocoa future might continue pointing upwards in the short term.
This rally in CME Cocoa's price coincides with other Softs as having closed the previous session at $83.86, Cotton is up 0.95% today to currently trade at around $84.66. Coffee is up 0.86%.
Though the Cocoa future is going up, other Softs are underperforming — Sugar descends 0.77% to trade around $19.4.
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
After hitting an important low of $2,211.5 approximately 2 months ago, the Cocoa future has bounced back 12.1% since.