Softs traders focused on the Cotton future as it powers 0.61% higher

Published: January 25 2023, 23:10 GMT+0

Softs traders focused on the Cotton future as it powers 0.61% higher

Cotton goes up to $86.77 per pound, having dipped down to $85.12 earlier.

On the flip side, Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

At the same time, 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 ICE Cotton's price coincides with other Softs as Coffee is up 1.81%. Sugar climbs 1% to trade around $20.08.

Furthermore, the market is looking at United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available tomorrow at 13:30 UTC. Projections for United States GDP are set for a continuation of decline with 2.6 while previous data was 3.2; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 205,000 from the preceding figure of 190,000.

The commodity has been trending lower for about a month. Cotton has fallen back around 44.32% over the past 8 months, from a notable high of $154.89.

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