ICE Cotton rallies $2.56 (3.18%) deep into the session, trading at $83.17 per pound.
United States's Crude Oil Inventories new data released of -12.58 million below its previous figure.
Uptick comes while some more positive signs for the Cotton future are out as data for United States Pending Home Sales published today at 15:00 UTC came out at -4.6%, beating projections of -5% and showing improvement over the preceding figure of -8.7%.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of -2.76 million with a reading of -12.58 million.
At the same time, United States JOLTs Job Openings (Oct) released today at 15:00 UTC with a figure of 10.33 million, while the previous figure was 10.69 million.
Cotton made an initial breakout above its 50 day Simple Moving Average at $83.62, a potential indicator of a newly emerging bullish phase. Crossed the $82 Fibonacci level, next level is at $88.2. Cotton broke through the $81.1 resistance, climbing $2.07 above it.
Overall, looking at the technical analysis landscape, it seems the Cotton future might continue pointing upwards in the short term.
Rallies can also be seen in other Softs, Sugar climbs 0.56% to trade around $19.64. Cocoa is up 0.6%.
Moreover, macro data could boost sentiment further as United States Initial Jobless Claims is projected to outperform its last figure with 235,000. It previously stood at 240,000; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (Oct) will be released tomorrow at 13:30 UTC. United States ISM Manufacturing PMI (Nov) is expected tomorrow at 15:00 UTC.
ICE Cotton has shed 33.83% over the past three months.