Today's upbeat market sentiment sees Cotton gain 4.39%

Published: May 26 2023, 23:35 GMT+0

Today's upbeat market sentiment sees Cotton gain 4.39%

Today at a glance: Cotton rallied $3.52 and maintained the $83.64 per pound level.

Nevertheless, highly important Core Durable Goods Orders data from United States beat analyst expectations of 0% with a reading of -0.2%. United States Pending Home Sales fell short of the 0.5% projections, with new data of 0%.

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.

This rally in Cotton's price coincides with other Softs as Sugar added 2.34% and closed around $24.83 today.

While ICE Cotton is appreciating, other Softs are comparatively not doing so well — Coffee lost 1% today and closed at $182.7. Cocoa lost 0.56% today and closed at $3,017.

The commodity has been trending positively for about 2 months. Approximately 11 months ago, the Cotton future reached a significant high of $146.62 but has struggled to hold onto its gains and declined 45.36% since then.