Bearish run continues, ICE Cotton down to $82.64 (-0.16%)

While on a 7 day slump, falling a total of 3.74%, Similar trend today: the Cotton future is down to $82.64 per pound, after ending yesterday at $82.77. Overall, a 0.16% loss or 13 cents today.

United States Crude Oil Inventories published yesterday at 15:30 UTC came out at -1.69 million, falling short of the 395,000 projections and continuing its decline from the previous 1.17 million figure.

Meanwhile, United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million. United States ADP Nonfarm Employment Change (Feb) released yesterday at 13:15 UTC with a figure of 242,000, while the previous figure was 119,000.

Cotton's upper Bollinger Band® is at $86.22 which indicates a further downward move may follow.

Looking forward, Cotton is poised to extend its strong downtrend and continue declining.

Taking a look at other Softs commodities, negative performances are evident as Coffee is down to $176.65, losing $5.9, after closing at $182.55 in the preceding trading session. Cocoa closed at $2,731 (down 0.91%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls projected to decline to 205,000 while previous data was 517,000; data will be released tomorrow at 13:30 UTC. United States Initial Jobless Claims projected to come out at 195,000 — worse than previous data of 190,000; data will be released today at 13:30 UTC.

Furthermore, United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.

The commodity has been trending lower for about 2 months. The Cotton future is now trading 46.56% below the significant high of $154.89 it set around 10 months ago.