Lethargic CME Cocoa fails to breach tight $3,273 – $3,364 range

Lethargic CME Cocoa fails to breach tight $3,273 - $3,364 range

Friday at a glance: the Cocoa future moves 0.12% to close at $3,357 per metric tonne Friday.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, the Relative Strength Index indicates Cocoa is in an overbought condition. According to asset volatility analysis, Cocoa's upper Bollinger Band® is at $3,385.41, suggesting that a downward move may follow.

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

While the Cocoa future was pretty flat Friday, mixed performances were seen elsewhere as Cotton withdraws 0.4% Friday and closed at $81.58.

Data to be released today might clear up some of the market fog as United States ISM Manufacturing PMI (Jun) scheduled to come out tomorrow at 14:00 UTC.

The commodity has been trending positively for about a month. CME Cocoa now trading 14.55% above its 3-month low of $2,211.5.

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The Sugar future remains on-trend despite dull session

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The Sugar future remains on-trend despite dull session

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