ICE Cotton set for strong finish today; up 0.61% to $86.77 per pound

Published: January 25 2023, 23:26 GMT+0

ICE Cotton set for strong finish today; up 0.61% to $86.77 per pound

Cotton goes up to $86.77 per pound after dipping down to $85.12 earlier.

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.

Meanwhile, United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released today at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

This rally in Cotton's price coincides with other Softs as having closed the previous session at $159.85, Coffee is up 1.81% today to currently trade at around $162.75. Sugar is up 1% to $20.08.

Also worthy of note, tomorrow at 13:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to -0.2% from the preceding figure of 0.1%. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 2.6, following on from the preceding figure of 3.2. New data is set to be published tomorrow at 13:30 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 205,000 while previous data was 190,000; data will be released tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. ICE Cotton is now trading 44.32% below the significant high of $154.89 it set around 8 months ago.

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