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June 15, 2023
The Cotton future is down to $82 per pound, after ending yesterday at $83.24. Overall, a 1.49% loss or $1.24 today.
United States Initial Jobless Claims is next today at 12:30 UTC.
Following a previous reading of 0.2%, Producer Price Index in United States released yesterday at 12:30 UTC fell short of the -0.1% figure expected by analysts with an actual reading of -0.3%.
On the flip side, data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 7.92 million, beating projections of 1.48 million and showing improvement over the preceding figure of -451,000.
Amid the market gloom, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was 5.25.
Bollinger Bands® shows an indication of recovery: the lower band is at $80.8, a low enough level to, generally, suggest that Cotton is trading below its fair value.
Technical analysis shows that the Cotton future (currently on a downtrend) might reverse course and start going up in the short term.
Positive performances can be seen by looking at other Softs markets as Cocoa is up 0.94%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Retail Sales data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.4%. New data is set to be published today at 12:30 UTC. Projections for United States Core Retail Sales are set for a continuation of decline with 0.1% while previous data was 0.4%; data will be released today at 12:30 UTC.
Furthermore, United States Philadelphia Fed Manufacturing Index (Jun) will be released today at 12:30 UTC.
Trading mostly sideways for 3 months. Cotton reached a significant high of $143.51 around 11 months ago but has lost 42% since then.
