Losing streak continues: CME Cocoa down 0.87%, closes at $2,977, making it the 28th consecutive day of losses

Yesterday at a glance: CME Cocoa decreases 0.87% to close at $2,977 per metric tonne yesterday.

While price action maintains a negative bias, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 216,600, while the previous figure was 214,800. Fresh CFTC Gold speculative net positions data from United States came out at 195,800. Fresh CFTC Nasdaq 100 speculative net positions data from United States came out at 21,400.

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. Asset volatility analysis shows that Cocoa's upper Bollinger Band® is at $3,033.54 which indicates a further downward move may follow.

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

Positive performances can be seen by looking at other Softs markets as Cotton added 0.93% and closed around $79.62 yesterday. Notably, Sugar rose 0.69% yesterday and closed at $26.

Cocoa has fallen back around 0.92% over the past 3 days, from a notable high of $3,031.