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

Published: January 25 2023, 21:55 GMT+0

Mixed sentiment sees the Cocoa future 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 the Cocoa future is reflected by published market data as Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million. 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 Coffee moves up 1.81% to trade around $162.75. Having closed the previous session at $19.88, Sugar is up 1% today to currently trade at around $20.08. Cotton is up 0.61%.

Furthermore, the market is looking at 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. 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.

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

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