The Cotton future gains 4.39% within $80.11 to $83.74 daily range

Published: May 27 2023, 01:16 GMT+0

The Cotton future gains 4.39% within $80.11 to $83.74 daily range

A quick look at yesterday: bullish sentiment helped Cotton to push $3.52 higher, reaching session highs around $83.74, before consolidating until close. Ultimately, the Cotton future 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%.

At the same time, 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.

A look at other Softs also shows upside as Sugar is trading around $25.41 after ending yesterday's session at $24.83 (up 2.34% today).

Meanwhile, Coffee retreats 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. The Cotton future is now trading 45.36% below the significant high of $146.62 it set around 11 months ago.