Losing streak continues: the Cocoa future down $8 to $2,929 adding to its 19 days of losses

CME Cocoa is down to $2,929 per metric tonne, after ending yesterday at $2,937. Overall, a 0.27% loss or $8 today.

Meanwhile, United States ISM Manufacturing PMI (Apr) released yesterday at 14:00 UTC with a figure of 47.1, while the previous figure was 46.3. United States ISM Manufacturing Prices (Apr) came out at 53.2, while a consensus of analysts was expecting 49. United States ISM Manufacturing Employment (Apr) came out at 50.2.

Cocoa's upper Bollinger Band® is at $3,000 which indicates a further downward move may follow.

Looking forward, CME Cocoa is poised to extend its strong downtrend and continue declining.

Taking a look at other Softs commodities, negative performances are evident as Sugar falls 3.15% to trade around $25.52.

Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1,000,000. It previously stood at -5 million; data will be released tomorrow at 14:30 UTC.

Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at five; data will be released tomorrow at 18:00 UTC. United States ADP Nonfarm Employment Change (Apr) will be released tomorrow at 12:15 UTC.

The commodity has been trending positively for about a month. CME Cocoa reached a significant high of $2,981 around 11 days ago but has lost 1.48% since then.