Commodity traders stay bullish as the Cotton future 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, ICE Cotton closed yesterday at $83.64 per pound.

On the flip side, 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) released yesterday at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3. Fresh CFTC Crude Oil speculative net positions data from United States came out at 193,100.

This rally in ICE Cotton's price coincides with other Softs as notably, Sugar rose 2.34% yesterday and closed at $24.83.

Though Cotton is going up, other Softs are underperforming — Coffee lost 1% yesterday and closed at $182.7. After ending yesterday's session at $3,017, Cocoa lost $17 and is trading around $3,000.

The commodity has been trending positively for about 2 months. 11 months ago the Cotton future reached a significant high of $146.62 but has consequently lost 45.36% since then.