Commodity traders stay bullish as Cotton adds 62 cents or 0.72%

Published: January 26 2023, 06:16 GMT+0

Commodity traders stay bullish as Cotton adds 62 cents or 0.72%

After closing the previous trading day at $86.66, Cotton is up to $87.28 per pound, which makes for a move of 0.72%/62 cents today.

On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

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. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 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.

Furthermore, the market is looking at United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released today at 13:30 UTC.

Also worthy of note, United States Core PCE Price Index (MoM) (Dec) will be released tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. Over the past 8 months, the Cotton future has retreated 44.05% from a noteworthy peak of $154.89.

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