Softs traders focused on CME Cocoa as it powers 1.57% higher

After closing the previous trading day at $2,868, Cocoa is up to $2,913 per metric tonne, which makes for a move of 1.57%/$45 today.

United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.

Meanwhile, United States JOLTs Job Openings (Feb) released yesterday at 14:00 UTC with a figure of 9.93 million, while the previous figure was 10.56 million. United States API Weekly Crude Oil Stock came out at -4.35 million, while a consensus of analysts was expecting -1.8 million. United States Factory Orders released earlier showed a marked improvement to -0.7% from the preceding data of -2.1%, but fell short of the -0.5% figure forecast by a consensus of market analysts.

Technical analysis trend indicators suggest 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 Bollinger Band® analysis indicates that current price action is approaching the upper band at $2,941.24, thereby suggesting that the Cocoa future is becoming overvalued.

With market volatility ebbing, the current technical outlook indicates Cocoa will remain range-bound for the immediate future.

Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million, having previously been at -7.49 million. The figure will be published today at 14:30 UTC.

Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Mar) is expected today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) scheduled to come out today at 14:00 UTC.

Cocoa is now trading 2.15% below the significant high of $2,931 it set around 5 days ago.