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

Published: January 25 2023, 22:55 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 CME Cocoa 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. 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 Coffee climbs 1.81% to trade around $162.75. Sugar climbs 1% to trade around $20.08. Cotton gained 0.61% and is now trading at $86.77.

Moreover, projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2. United States Initial Jobless Claims projected to decline to 205,000 while previous data was 190,000; data will be released tomorrow at 13:30 UTC.

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

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