The Cotton future set for strong finish this afternoon; up 4.39% to $83.64 per pound with 33 minutes before close

Cotton got off to a strong start by gaining $3.52 (+4.39%), only to run out of steam later in the session around $83.74. Currently, the Cotton future is trading around the $83.64 per pound level.

Nevertheless, Core Durable Goods Orders in United States fell short of market expectations (0%) with a reading of -0.2%, continuing the decline from the previous figure of 0.3%. Highly important Pending Home Sales data from United States beat analyst expectations of 0.5% with a reading of 0%.

At the same time, United States Core PCE Price Index (MoM) (Apr) released today at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3.

This rally in the Cotton future's price coincides with other Softs as Sugar gained 2.34% and is currently trading at $25.41.

Meanwhile, Coffee closed at $180.85 (down 1%). After ending yesterday's session at $3,017, Cocoa lost $17 and is trading around $3,000.

Trading mostly sideways for 2 months. Having set a significant high of $146.62 11 months ago, ICE Cotton is trading 45.36% lower.