After three days of declines, the Cocoa future is up $8 today

After closing the previous trading day at $2,653, Cocoa is up to $2,661 per metric tonne, which makes for a move of 0.3%/$8 today.

CME Cocoa is currently trading at $2,661 following the release of Consumer Price Index data from the United States.

At the same time, United States Participation Rate (Feb) released yesterday at 13:30 UTC with a figure of 118.3, while the previous figure was 62.4.

Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, CME Cocoa's lower Bollinger Band® is at $2,650.75, indicating that the market is oversold and fertile for new buyers.

Overall, the technical outlook suggests CME Cocoa is likely to remain muted for the immediate future, with no clear-cut direction.

While CME Cocoa is higher so far today, these Softs commodities are underperforming: Coffee is down to $175.95, losing $3.25, after closing at $179.2 in the preceding trading session. Sugar closed at $20.72 (down 0.38%).

Also worthy of note, as things stand, upcoming United States Retail Sales data is projected to fall short of market expectations with newly published data of -0.3%, following on from the preceding figure of 3%. New data is set to be published tomorrow at 12:30 UTC. United States Core Retail Sales expected to decline to -0.1% while its preceding data was 2.3%, data will be available tomorrow at 12:30 UTC. United States Producer Price Index projected to decline to 0.3% while previous data was 0.7%; data will be released tomorrow at 12:30 UTC.

Over the past 13 days, Cocoa has retreated 7% from a noteworthy peak of $2,853.