WTI recovers on supply worries, cotton price nears 1 1/2 year high as Arabica coffee price falls
While oil and cotton price rise, Arabica coffee prices fall ahead of this week’s US GDP estimate and inflation data releases.
WTI recovers from Monday’s low
Front month WTI futures are recovering from Monday’s 75.77 low amid ongoing shipping disruptions and repeated breakdowns in talks for a Gaza cease fire that raise supply worries. The 200-day simple moving average (SMA) at 77.68 is being retested, a rise above which would have the November-to-February resistance line and last week’s high at 78.80 to 78.84 in its sights. Minor support sits at the 21 February 76.31 low ahead of Monday’s 75.77 low.
Cotton price rises to near 1 ½ year high
Front month cotton futures have resumed their ascent to their 96.38 near one-and-a-half-year high above which sits the psychological 100.00 mark. Immediate upside pressure should be maintained while Monday’s low at 92.50 underpins. Below it lies last week’s low at 90.89. Only a currently unexpected bearish reversal and fall through that low would indicate a topping formation. As long as it holds, the medium-term bullish trend will stay firmly entrenched.
Arabica coffee futures prices slip through uptrend line
Front month Arabica coffee futures topped out at their 194.06 to 194.32 late January and early February highs and are now trading in near six-week lows, having last week fallen through their October-to-February uptrend line. The 8 January low at 178.56 is now in sight, a drop trough which would engage the 174.03 January trough. Minor resistance sits at last week’s 182.39 low and can also be seen along the breached uptrend line at 185.45. Further up meanders the 55-day simple moving average (SMA) at 186.63.
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