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June 13, 2023
After closing the previous trading day at $3,130, CME Cocoa is up to $3,166 per metric tonne, which makes for a move of 1.15%/$36 today.
United States Core Consumer Prices is next today at 12:30 UTC.
Meanwhile, United States Federal Budget Balance (May) came out at -240 billion, while a consensus of analysts was expecting -236 billion. United States 10-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.791, while the previous figure was 3.448. United States 3-Year Note Auction released yesterday at 15:30 UTC with a figure of 4.202, while the previous figure was 3.695.
Trend-following investors 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. Analysis based on the asset volatility indicates that Cocoa's upper Bollinger Band® is at $3,170.38, this is a slight indication of a slowdown.
Notwithstanding Cocoa's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other Softs also shows upside as Cotton goes up 0.57% to trade around $84.12.
Meanwhile, Sugar is trading around $24.75 (down 40 cents).
Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at as things stand, upcoming United States Producer Price Index data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.2%. New data is set to be published tomorrow at 12:30 UTC.
Also worthy of note, United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released today at 12:30 UTC.
The commodity has been trending positively for about a month. The Cocoa future has fallen back around 1.29% from the significant high of $3,171 set 4 days ago.
