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

Published: January 25 2023, 21:21 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 yesterday at $2,585.

Uncertainty around CME Cocoa is reflected by published 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. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 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 is up 1%. Having closed the previous session at $86.24, Cotton is up 0.61% today to currently trade at around $86.77.

Furthermore, the market is looking at as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of 0.1%. New data is set to be published tomorrow at 13:30 UTC. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available tomorrow at 13:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 205,000 while previous data was 190,000; data will be released tomorrow at 13:30 UTC.

CME Cocoa hit a significant low of $2,211.5 around 3 months ago, but has since recovered 16.89%.

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