Mixed sentiment sees Cocoa ending the day broadly flat; establishes tight $2,579 to $2,614 range

Published: January 25 2023, 23:16 GMT+0

Mixed sentiment sees Cocoa ending the day broadly flat; establishes tight $2,579 to $2,614 range

Cocoa trades at $2,583 per metric tonne, after ending today at $2,585.

Cocoa's state is reflected by market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000. United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

Meanwhile, mixed performances are seen in other Softs as having closed the previous session at $159.85, Coffee is up 1.81% today to currently trade at around $162.75. Sugar increases 1% to trade around $20.08. Having closed the previous session at $86.24, Cotton is up 0.61% today to currently trade at around $86.77.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as tomorrow at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%. United States GDP projected to come out at 2.6 — worse than previous data of 3.2; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

The past 3 months have been positive for CME Cocoa as it added 12.59% compared to its 3-month low of $2,211.5.

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