The Cocoa future showing signs of possible reversal, up to $2,778 ($48)

Cocoa has been losing ground for 3 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $2,730, CME Cocoa is up to $2,778 per metric tonne, which makes for a move of 1.76%/$48 today.

At the same time, data for United States Factory Orders released today at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.

Meanwhile, after ending Friday's session at $20.92, Sugar lost 15 cents and is trading around $20.77. Coffee is trading around $179.55 (down $1.25).

Also worthy of note, United States Fed Chair Powell testimony is scheduled tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook is scheduled for tomorrow at 17:00 UTC.

The commodity has been trending positively for about 30 days. Cocoa has fallen back around 4.31% from the significant high of $2,853 set 5 days ago.