Softs in focus as bullish the Cotton future posts 1.24% gain

After ending the previous trading day at $78.18, ICE Cotton went up to $80.97 only to drop back; still positive overall today, now trading at $79.15 per pound.

The Cotton future is currently trading at $79.15 following the release of U.S. President Biden speech data from the United States.

Cotton made an initial breakout above its 3 day Simple Moving Average at $80.1, a potential indicator of a newly emerging bullish phase. ICE Cotton's lower Bollinger Band® is at $78.93, indicating that the market is oversold and fertile for new buyers. In contrast, although Cotton is appreciating today after rising as high as $80.97, price action is now slowing and consolidating around $1.27 below the $80.42 resistance level.

Overall, looking at the technical analysis landscape, it seems ICE Cotton likely to continue pointing upward in the short term.

Meanwhile, after ending Friday's session at $182.25, Coffee lost $5.35 and is trading around $176.9. Sugar is down 33 cents from the beginning of the session and now trades around $20.83. Cocoa slips 1.48% to trade around $2,664.

Furthermore, the market is looking at United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC. United States Consumer Price Index is expected tomorrow at 12:30 UTC. United States Core Consumer Prices is expected tomorrow at 12:30 UTC.

The commodity has been trending lower for about 2 months. Having soared to a high of $154.89 approximately 10 months ago, Cotton is now trading 49.53% lower.