Commodity traders stay bullish as ICE Cotton adds $3.52 or 4.39%

Published: May 27 2023, 09:16 GMT+0

Commodity traders stay bullish as ICE Cotton adds $3.52 or 4.39%

Yesterday at a glance: 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.

On the flip side, data from United States concerning Core Durable Goods Orders was released yesterday at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 0.3% to -0.2% this month.

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.

This rally in the Cotton future's price coincides with other Softs as Sugar went up by 2.34% yesterday, and closed at $25.41.

At the same time, after ending yesterday's session at $182.7, Coffee lost $1.85 and is trading around $180.85. Cocoa is down to $3,000, losing $17, after ending the previous session around $3,017.

The commodity has been trending positively for about 2 months. Approximately 11 months ago, ICE Cotton reached a significant high of $146.62 but has struggled to hold onto its gains and declined 45.36% since then.