Mixed sentiment sees the Cotton future ending the day broadly flat; establishes tight $85.12 to $87.5 range

Published: January 26 2023, 01:56 GMT+0

Mixed sentiment sees the Cotton future ending the day broadly flat; establishes tight $85.12 to $87.5 range

Cotton trades at $86.77 per pound, after ending yesterday at $86.66.

Cotton's state is reflected by market data as following a previous reading of 8.41 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000. 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.

Data to be released later is expected to clarify investor sentiment while boosting price action volatility as 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. 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. United States Core PCE Price Index (MoM) (Dec) is expected tomorrow at 13:30 UTC.

The commodity has been trending lower for about a month. Approximately 8 months ago, Cotton reached a significant high of $154.89 but has struggled to hold onto its gains and declined 44.05% since then.

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