Bullish Cotton runs out of steam at $87.36; currently at $87.14 per pound

Published: January 26 2023, 06:36 GMT+0

Bullish Cotton runs out of steam at $87.36; currently at $87.14 per pound

After closing the previous trading day at $86.66, Cotton is up to $87.14 per pound, which makes for a move of 0.55%/48 cents today.

On the flip side, 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.

At the same time, 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 released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Today's gains are adding to bullish investor sentiment as robust macro data is expected for release later today; 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.

Also worthy of note, United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available today at 13:30 UTC.

Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. The Cotton future is now trading 44.05% below the significant high of $154.89 it set around 8 months ago.