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March 18, 2023A quick look at yesterday: Cotton ended yesterday at $77.56 per pound following from closing Thursday at $79.16. Overall, this represents a loss of $1.6 or 2.02%.
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. A crossing of the lower Bollinger Band® at $78.41 suggests further losses may follow for ICE Cotton.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Cotton to extend its recent losses.
Cotton's value drop coincided with the fact that Coffee lost 1.89% yesterday and closed at $180.05. Sugar is down to $20.67, losing 9 cents, after ending the previous session around $20.76.
Though the Cotton future has been dropping, other Softs have been performing better: Cocoa is trading around $2,738 after ending yesterday's session at $2,688 (up 1.86% today).
The commodity has been trending lower for about 2 months. Approximately 10 months ago, Cotton reached a significant high of $154.89 but has struggled to hold onto its gains and declined 48.89% since then.
