Cotton set for strong finish today; up 3.59% to $83 per pound

After closing the previous trading day at $80.12, Cotton is up to $83 per pound, which makes for a move of 3.59%/$2.88 today.

Cotton is currently trading at $83 following the release of Core PCE Price Index (MoM) (Apr) data from the United States.

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 released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts.

Meanwhile, 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 ICE Cotton's price coincides with other Softs as Sugar gained 2.34% and is currently trading at $25.41.

Meanwhile, Coffee slides down 1% to trade around $180.85. Cocoa is trading around $3,000 (down $17).

Trading mostly sideways for 2 months. The Cotton future is now trading 45.36% below the significant high of $146.62 it set around 11 months ago.