Stable at $84.75 and still trending upwards, Today's session might suggest a slow down — ICE Cotton trades at $84.75 per pound, after ending yesterday at $84.83.
United States Crude Oil Inventories is next.
Uncertainty around ICE Cotton is reflected by published market data as United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -2.67 million, while the previous figure was 377,000. Following a previous reading of 7.3%, Housing Starts in United States released yesterday at 12:30 UTC fell short of the 0.4% figure expected by analysts with an actual reading of -0.8%.
Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that Cotton's upper Bollinger Band® is at $85.55, suggesting that a downward move may follow.
Notwithstanding the Cotton future's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances are seen in other Softs as having closed the previous session at $2,919, Cocoa is up 2% today to currently trade at around $2,977. Having closed the previous session at $199.05, Coffee is up 1.21% today to currently trade at around $201.45.
Furthermore, the market is looking at as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of -1 million, following on from the preceding figure of 597,000. New data is set to be published today at 14:30 UTC. United States Philadelphia Fed Manufacturing Index (Apr) will be released tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) is scheduled for tomorrow at 14:00 UTC.
Trading mostly sideways for 3 months. Having soared to a high of $154.89 approximately 11 months ago, ICE Cotton is now trading 45.23% lower.