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June 28, 2023
After closing the previous trading day at $3,258, CME Cocoa is up to $3,343 per metric tonne, which makes for a move of 2.61%/$85 today.
United States's Crude Oil Inventories new data released of -9.60 million below its previous figure.
Uptick comes while some more positive signs for the Cocoa future are out as data for United States Consumer Confidence published yesterday at 14:00 UTC came out at 109.7, beating projections of 104 and showing improvement over the preceding figure of 102.5.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -1.76 million with a reading of -9.60 million.
Meanwhile, United States New Home Sales (May) came out at 763,000, while a consensus of analysts was expecting 675,000.
With regards to technical trend indicators, chart analysis show that investors are seeking long positions as Cocoa price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that the Relative Strength Index indicates Cocoa is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, the Cocoa future's upper Bollinger Band® is at $3,352, this is a slight indication of a slowdown.
Overall, while the Cocoa future has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Rallies can also be seen in other Softs, having closed the previous session at $76.51, Cotton is up 2.24% today to currently trade at around $78.22.
At the same time, Coffee is down $5.55 from the beginning of the session and now trades around $161.4. Sugar retreats 1.61% to trade around $22.61.
Furthermore, the market is looking at United States GDP projected to come out at 1.4 — worse than previous data of 2.6; data will be released tomorrow at 12:30 UTC. United States Initial Jobless Claims projected to decline to 266,000 while previous data was 264,000; data will be released tomorrow at 12:30 UTC.
Also worthy of note, United States Fed Chair Powell speech is scheduled tomorrow at 06:30 UTC.
The commodity has been trending positively for about a month. Approximately a day ago, Cocoa reached a significant high of $3,265 but has struggled to hold onto its gains and declined 0.21% since then.
