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June 16, 2023ICE Cotton has been losing ground for 11 days, shedding a total of 4.37% of its value. With a marginal improvement upon today's session, Cotton moves 0.15% to close at $82 per pound today.
Uncertainty around the Cotton future is reflected by published market data as highly important Retail Sales data from United States beat analyst expectations of -0.1% with a reading of 0.3%. New United States Initial Jobless Claims data fell short of the 250,000 projected by analysts with a reading of 262,000 while failing to improve upon the previous reading from last month (262,000). United States Philadelphia Fed Manufacturing Index (Jun) came out at -13.7, while a consensus of analysts was expecting -13.5.
Cotton's upper Bollinger Band® is at $86.48 and the lower is $80.41.
Despite muted price action in the Cotton future, chart analysis indicates it is positioned for a bullish run in the short term.
While ICE Cotton was pretty flat today, mixed performances were seen elsewhere as Sugar went up by 1.4% today, and closed at $26. Cocoa descends 0.64% today and closed at $3,262.
Trading mostly sideways for 3 months. Cotton has fallen back around 42.94% over the past 11 months, from a notable high of $143.51.
