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May 10, 2023
While ICE Cotton in the midst of a 4 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $81, Cotton is up to $81.2 per pound, which makes for a move of 0.26%/20 cents today.
United States Core Consumer Prices is next today at 12:30 UTC.
At the same time, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 3.62 million, while the previous figure was -3.94 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.695, while the previous figure was 3.81.
Cotton's upper Bollinger Band® is at $84.69, this is a slight indication of a slowdown.
Examining the technical analysis landscape, Cotton is likely to reverse course and start pointing downward in the short term.
A look at other Softs also shows upside as Cocoa rises 1.62% to trade around $3,002. Having closed the previous session at $183.95, Coffee is up 1.49% today to currently trade at around $186.7.
Moreover, macro data could boost sentiment further as United States Producer Price Index is projected to outperform its last figure with 0.3%, having previously been at -0.5%. The figure will be published tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -917,000. It previously stood at -1.28 million; data will be released today at 14:30 UTC.
The market is looking forward to the release of new data: United States Consumer Price Index figure is projected at 0.4%. It previously stood at 0.1%; data will be released today at 12:30 UTC.
Trading mostly sideways for 4 months. 11 months ago ICE Cotton reached a significant high of $150.65 but has consequently lost 46.24% since then.
