Is it the end of the Cotton future's rally? After three days of gains, it is down by 0.44% today

Is it the end of the Cotton future's rally? After three days of gains, it is down by 0.44% today

The Cotton future is down to $81.8 per pound, after ending yesterday at $82.16. Overall, a 0.44% loss or 36 cents today.

United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.

GDP in United States fell short of market expectations (2.9) with a reading of 2.7, continuing the decline from the previous figure of 3.2.

On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million. Highly important Initial Jobless Claims data from United States beat analyst expectations of 200,000 with a reading of 192,000.

Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $81.1, a low enough level to, generally, suggest that ICE Cotton is trading below its fair value.

All in all, the technical analysis suggests the Cotton future has no clear-cut direction.

Taking a look at other Softs commodities, negative performances are evident as Coffee closed at $189.5 (down 2.14%). Sugar is down to $20.11, losing 23 cents, after closing at $20.34 in the preceding trading session.

Furthermore, United States Core PCE Price Index (MoM) (Jan) will be released today at 13:30 UTC. United States New Home Sales (Jan) is expected today at 15:00 UTC.

The commodity has been trending lower for about 2 months. Cotton reached a significant high of $154.89 around 9 months ago but has lost 46.96% since then.

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The Sugar future remains on-trend despite dull session

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The Sugar future remains on-trend despite dull session

پشتیبانی صمیمی، حرفه ای و شبانه روزی

The Sugar future remains on-trend despite dull session

محیط معاملاتی قابل اعتماد

The Sugar future remains on-trend despite dull session

اهرم معاملاتی انعطاف پذیر تا 1:1000

The Sugar future remains on-trend despite dull session

بالاترین امنیت وجوه

The Sugar future remains on-trend despite dull session

گزینه های مختلف سپرده و برداشت

سوال دارید؟ به مرکز راهنمایی The Sugar future remains on-trend despite dull session ما مراجعه کنید

سوال دارید؟ به مرکز راهنمایی The Sugar future remains on-trend despite dull session ما مراجعه کنید

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