Risk-off mood drags Cocoa 0.56% lower

Published: May 26 2023, 23:36 GMT+0

Risk-off mood drags Cocoa 0.56% lower

Today at a glance: Cocoa decreases 0.56% to close at $3,000 per metric tonne today.

Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%. United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts.

Meanwhile, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3.

CME Cocoa's value drop coincided with the fact that Coffee lost 1% today and closed at $182.7.

Positive performances can be seen by looking at other Softs markets as Sugar rallies 2.34% today and closed at $24.83. Cotton went up by 4.39% today, and closed at $83.64.

Having soared to a high of $3,071 approximately 7 days ago, Cocoa is now trading 1.76% lower.