Risk-off mood drags the Cocoa future 0.56% lower

Published: May 26 2023, 23:01 GMT+0

Risk-off mood drags the Cocoa future 0.56% lower

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

Highly important Core Durable Goods Orders data from United States beat analyst expectations of 0% with a reading of -0.2%. 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.

Cocoa's value drop coincided with the fact that Coffee is down to $180.85, losing $1.85, after ending the previous session around $182.7.

Positive performances can be seen by looking at other Softs markets as Sugar went up by 2.34% today, and closed at $25.41. Cotton is trading around $83.64 after ending today's session at $80.12 (up 4.39% today).

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