While the Cotton future is on an 8 day bullish trend, Today's session might suggest a slow down — ICE Cotton is now trading at $84.66 per pound after tracing out a steady $83.24 – $86.39 range today.
The Cotton future's state is reflected by market data as United States API Weekly Crude Oil Stock came out at -6.43 million, while a consensus of analysts was expecting -3.88 million. United States Trade Balance (Oct) released yesterday at 13:30 UTC with a figure of -78.2 billion, while the previous figure was -74.1 billion. United States Exports is released with a new figure of 256.6 billion, this is down from preceding data of 258.5 billion.
As the day gets underway, chart analysis suggests Cotton is approaching key support, around 29 cents away from $84.66. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -3.31 million. It previously stood at -12.58 million; data will be released today at 15:30 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 230,000 from the preceding figure of 225,000.
A month ago, ICE Cotton fell to a low of $72 but has since recovered 17.49%.