After closing the previous trading day at $78.76, ICE Cotton is up to $80.32 per pound, which makes for a move of 1.98%/$1.56 today.

United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 240,000.

Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -1.1 million with a reading of -1.28 million.

At the same time, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five. United States ISM Non-Manufacturing PMI (Apr) came out at 51.9, while a consensus of analysts was expecting 51.8.

Cotton's lower Bollinger Band® is at $77.82, indicating that the market is oversold and fertile for new buyers.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts ICE Cotton to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the ICE Cotton is expected to pick up significant bullish sentiment in the coming days.

At the same time, Coffee slides down 1.26% to trade around $184.4. After ending yesterday's session at $2,891, Cocoa lost $24 and is trading around $2,867.

Furthermore, the market is looking at as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 180,000, following on from the preceding figure of 236,000. New data is set to be published tomorrow at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 240,000 from the preceding figure of 230,000. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.

The commodity has been trending lower for about 4 months. Cotton reached a significant high of $154.89 around a year ago but has lost 49.15% since then.