The Cocoa future is down to $2,577 per metric tonne, after ending yesterday at $2,611. Overall, a 1.3% loss or $34 today.
United States ADP Nonfarm Employment Change (Jan) is next today at 13:15 UTC.
Highly important Consumer Confidence data from United States beat analyst expectations of 109 with a reading of 107.1.
Amid the market gloom, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 6.33 million, while the previous figure was 3.38 million. United States Chicago PMI (Jan) came out at 44.3, while a consensus of analysts was expecting 45.
Bollinger Bands® shows an indication of recovery: the lower band is at $2,548.67, a low enough level to, generally, suggest that Cocoa is trading below its fair value.
Technical analysis shows that the Cocoa future (currently on a downtrend) might reverse course and start going up in the short term.
Positive performances can be seen by looking at other Softs markets as Coffee is up 6.51%. Cotton gained 1.38% and is currently trading at $87.41. Sugar added 0.37% to its value, now trading at $21.84.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to decline to 376,000 while previous data was 533,000; data will be released today at 15:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Jan) scheduled to come out today at 13:15 UTC. United States Interest Rate is expected today at 19:00 UTC.
The Cocoa future hit a significant low of $2,211.5 around 4 months ago, but has since recovered 18.06%.