Softs in focus as bullish Cotton posts 0.51% gain

Yesterday at a glance: Cotton rose 43 cents to close at $84.38 per pound yesterday which makes for a move of 0.51%.

Meanwhile, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 175,600, while the previous figure was 169,300. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 8,800, while the previous figure was 8,500.

Cotton's upper Bollinger Band® is at $88.02, this is a slight indication of a slowdown.

Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates the Cotton future is set for a reversal in the coming days.

This rally in the Cotton future's price coincides with other Softs as Cocoa went up by 1.08% yesterday, and closed at $3,171.

At the same time, Coffee slumps 1.55% yesterday and closed at $190.35. After ending yesterday's session at $25.09, Sugar lost 9 cents and is trading around $25.

The commodity has been trending positively for about 2 months. Cotton is trading 42.69% lower compared to the $146.62 high it reached over the past year.