After closing the previous trading day at $81.29, ICE Cotton is up to $82.17 per pound, which makes for a move of 1.08%/88 cents today.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected decline to 200,000.
On the flip side, United States Crude Oil Inventories released earlier showed a marked improvement to -3.74 million from the preceding data of -7.49 million, but fell short of the -2.33 million figure forecast by a consensus of market analysts.
At the same time, United States ISM Non-Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 51.2, while the previous figure was 55.1. United States ADP Nonfarm Employment Change (Mar) came out at 145,000, while a consensus of analysts was expecting 200,000.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. The Cotton future's lower Bollinger Band® is at $79.19, indicating that the market is oversold and fertile for new buyers.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts the Cotton future to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Cotton is expected to pick up significant bullish sentiment in the coming days.
Rallies can also be seen in other Softs, Coffee gained 3.06% and is now trading at $180.2. Sugar leaps up 2.09% to trade around $22.94.
Furthermore, the market is looking at as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 240,000, following on from the preceding figure of 311,000. New data is set to be published tomorrow at 12:30 UTC. Today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 198,000.
Also worthy of note, United States Unemployment Rate figure is projected at 3.6. It previously stood at 3.6; data will be released tomorrow at 12:30 UTC.
The commodity has been trending lower for about 3 months. Having soared to a high of $154.89 approximately 11 months ago, Cotton is now trading 47.52% lower.