Bullish the Cotton future runs out of steam at $83.74; currently at $83.64 per pound

A quick look at yesterday: bullish sentiment helped Cotton to push $3.52 higher, reaching session highs around $83.74, before consolidating until close. Ultimately, Cotton closed yesterday at $83.64 per pound.

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

At the same time, United States Core PCE Price Index (MoM) (Apr) came out at 0.4, while a consensus of analysts was expecting 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 193,100, while the previous figure was 191,500.

The commodity has been trending positively for about 2 months. Having soared to a high of $146.62 approximately 11 months ago, the Cotton future is now trading 45.36% lower.