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June 01, 2023
After closing the previous trading day at $3,019, CME Cocoa is up to $3,029 per metric tonne, which makes for a move of 0.33%/$10 today.
New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.
Uptick comes while some more positive signs for the Cocoa future are out as data for United States Crude Oil Inventories published today at 15:00 UTC came out at 4.49 million, beating projections of -1.10 million and showing improvement over the preceding figure of -12.46 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 235,000 with a reading of 232,000.
Meanwhile, United States ISM Manufacturing PMI (May) came out at 46.9, while a consensus of analysts was expecting 47.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $3,060, thereby suggesting that Cocoa is becoming overvalued.
Examining the technical analysis landscape, CME Cocoa is likely to reverse course and start pointing downward in the short term.
A look at other Softs also shows upside as Coffee gained 2.9% and is currently trading at $180.95. Cotton surges 3.65% to trade around $86.53.
While the Cocoa future is appreciating, other Softs are comparatively not doing so well — Sugar is down 18 cents from the beginning of the session and now trades around $24.88.
Also worthy of note, tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 180,000 from the preceding figure of 253,000. United States Average Hourly Earnings expected to decline to 0.4% while its preceding data was 0.5%, data will be available tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.
CME Cocoa reached a significant high of $3,071 around 13 days ago but has lost 1.69% since then.
