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June 30, 2023Cotton is on a 3 day bullish run gaining $2.89 (5.57%). As the session continues, it seems to maintain one direction — after closing the previous trading day at $79.21, the Cotton future is up to $80.57 per pound, which makes for a move of 1.72%/$1.36 today.
United States Core PCE Price Index (MoM) (May) is next today at 12:30 UTC.
This move comes while some more positive signs for the Cotton future are out as United States GDP released yesterday at 12:30 UTC is better than expected at two but down from preceding data of 2.6 according to new data. United States Initial Jobless Claims beat analyst expectations of 266,000 and the previous reading of 265,000 with new data of 239,000.
Nevertheless, Pending Home Sales in United States fell short of market expectations (-0.5%) with a reading of -2.7%, continuing the decline from the previous figure of -0.4%.
This rally in Cotton's price coincides with other Softs as Sugar added 1.18% to its value, now trading at $22.34. Cocoa is up 0.61%.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (May) will be released today at 12:30 UTC. United States Core PCE Price Index (YoY) (May) scheduled to come out today at 12:30 UTC.
The commodity has been trending lower for about a month. 10 months ago Cotton reached a significant high of $122.25 but has consequently lost 35.21% since then.
