ICE Cotton up $2.11 to $83.87 building up on its nine days of gains

After closing the previous trading day at $81.76, the Cotton future is up to $83.87 per pound, which makes for a move of 2.58%/$2.11 today.

New United States Average Hourly Earnings improved upon the previous 0.3% figure while also exceeding analyst expectations with a reading of 0.5%.

Uptick comes while some more positive signs for the Cotton future are out as United States Average Hourly Earnings came out at 0.5%, better than analyst estimates of 0.3% and improving upon the previous reading of 0.3%. United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 165,000 with new data of 253,000. United States Unemployment Rate beat analyst expectations of 3.6 and the previous reading of 3.5 with new data of 3.4.

Bollinger Band® analysis indicates that current price action is approaching the upper band at $85.05, thereby suggesting that Cotton is becoming overvalued.

Examining the technical analysis landscape, the Cotton future is likely to reverse course and start pointing downward in the short term.

This rally in Cotton's price coincides with other Softs as Sugar jumps 2.86% to trade around $26.25. Having closed the previous session at $182.95, Coffee is up 2.05% today to currently trade at around $186.7. Having closed the previous session at $2,904, Cocoa is up 0.83% today to currently trade at around $2,928.

Trading mostly sideways for 4 months. Cotton is trading 47.21% lower compared to the $154.89 high it reached over the past year.