| 
May 31, 2023On a 4 day uptrend, Today's session might suggest a slow down — ICE Cotton trades at $83.88 per pound, after ending yesterday at $84.
United States JOLTs Job Openings (Apr) is next today at 14:00 UTC.
This uncertain state for the Cotton future is reflected by published market data as highly important Consumer Confidence data from United States beat analyst expectations of 99 with a reading of 102.3. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) released yesterday at 13:00 UTC with a figure of -1.1, while the previous figure was 0.4.
Cotton's upper Bollinger Band® is at $87.86, suggesting that a downward move may follow.
Despite the market lacking direction, technical chart analysis strongly suggests the Cotton future is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other Softs as Coffee is down to $177.15, losing $4.45, after closing at $181.6 in the preceding trading session. Cocoa moves up 0.64% to trade around $3,010.
Furthermore, the market is looking at United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC. United States ADP Nonfarm Employment Change (May) is expected tomorrow at 12:15 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 229,000.
The commodity has been trending positively for about 2 months. The Cotton future has fallen back around 42.72% from the significant high of $146.62 set 11 months ago.
