Cotton today at a glance: ICE Cotton is now trading at $78.49 per pound after tracing out a steady $77.83 – $78.9 range today. United States New Home Sales (Sep) is next today at 14:00 UTC.
Technical analysis of the Cotton future before data is released:
Chart analysis suggests Cotton is climbing away and is now $1.84 from the $76.65 support line. Concerning technical analysis and more specifically, trend indicators, Cotton made an initial break below its 5 day Simple Moving Average at $78.19, a possible indication of a forthcoming negative trend.
Overall, the technical outlook suggests the Cotton future is likely to remain muted for the immediate future, with no clear-cut direction.
As the markets get ready for more data to be released — Cocoa is up 0.87%. After ending yesterday's session at $185.8, Coffee lost $2.15 and is trading around $183.65. Sugar decreases 0.5% to trade around $18.
Earlier data releases related to Cotton – following a previous reading of 107.8, Consumer Confidence in United States released yesterday at 14:00 UTC fell short of the 106.5 figure expected by analysts with an actual reading of 102.5. United States Retail Inventories Ex Auto (Sep) released today at 12:30 UTC with a figure of -0.1, while the previous figure was 0.7.
Coming up for ICE Cotton — United States GDP is projected to outperform its last figure with 2.4. It previously stood at -0.6; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with 1 million. It previously stood at -1.73 million; data will be released today at 14:30 UTC.
Having set a significant high of $154.89 2 days ago, ICE Cotton is trading 3.07% lower.