The Cotton future set for strong finish this afternoon; up 0.61% to $86.77 per pound with 3 hours before close

Published: January 25 2023, 19:56 GMT+0

The Cotton future set for strong finish this afternoon; up 0.61% to $86.77 per pound with 3 hours before close

After dipping down to $85.12, Cotton regains earlier losses and goes up to $86.77 per pound.

Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

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. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

This rally in ICE Cotton's price coincides with other Softs as Coffee is up 1.81%. Having closed the previous session at $19.88, Sugar is up 1% today to currently trade at around $20.08.

Furthermore, the market is looking at United States Core Durable Goods Orders projected to decline to -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available 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. Over the past 8 months, ICE Cotton has retreated 44.32% from a noteworthy peak of $154.89.

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