Risk-off mood drags Cocoa 0.56% lower

Published: May 27 2023, 08:46 GMT+0

Risk-off mood drags Cocoa 0.56% lower

Yesterday at a glance: Cocoa draws back 0.56% to close at $3,000 per metric tonne yesterday.

Following a previous reading of 0.3%, Core Durable Goods Orders in United States released yesterday at 12:30 UTC fell short of the 0% figure expected by analysts with an actual reading of -0.2%.

Amid the market gloom, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 193,100, while the previous figure was 191,500.

The Cocoa future's value drop coincided with the fact that Coffee withdraws 1% yesterday and closed at $182.7.

Though CME Cocoa has been dropping, other Softs have been performing better: Sugar jumps 2.34% yesterday and closed at $24.83. Cotton is trading around $83.64 after ending yesterday's session at $80.12 (up 4.39% today).

Cocoa reached a significant high of $3,071 around 8 days ago but has lost 1.76% since then.