The Cocoa future gets off to a weak start; down 0.35% this morning to $2,583 per metric tonne

Published: January 26 2023, 03:01 GMT+0

The Cocoa future gets off to a weak start; down 0.35% this morning to $2,583 per metric tonne

Cocoa is down to $2,583 per metric tonne, after ending yesterday at $2,592. Overall, a 0.35% loss or $9 today.

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.

Amid the market gloom, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories came out at 4.27 million.

Though the Cocoa future has been dropping, other Softs have been performing better: Cotton gained 0.43% and is now trading at $87.03.

Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released today at 13:30 UTC.

Moreover, United States Pending Home Sales is projected to outperform its last figure with -0.9%. It previously stood at -4%; data will be released tomorrow at 15:00 UTC.

Furthermore, United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC.

Cocoa now trading 12.55% above its 3-month low of $2,211.5.

Back