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

A quick look at yesterday: Cotton gained $3.52 and stayed at the $83.64 per pound level.

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

Meanwhile, 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 ICE Cotton's price coincides with other Softs as Sugar went up by 2.34% yesterday, and closed at $25.41.

While Cotton is appreciating, other Softs are comparatively not doing so well — Coffee descends 1% yesterday and closed at $182.7. 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. Cotton is now trading 45.36% below the significant high of $146.62 it set around 11 months ago.