The Cocoa future is down $9 (0.35%), trading around $2,583 per metric tonne

Published: January 26 2023, 07:06 GMT+0

The Cocoa future is down $9 (0.35%), trading around $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.

Following a previous reading of 8.41 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000.

Meanwhile, 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: having closed the previous session at $86.66, Cotton is up 0.76% today to currently trade at around $87.32.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market 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%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC.

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

The past 3 months have been positive for CME Cocoa as it added 12.55% compared to its 3-month low of $2,211.5.