By admin       2018-06-27

ICE cotton futures reached their most recent peak at 96.50 cents in mid-June in a continuation of the rally that commenced in March 2016.As the weekly chart of cotton futures highlights, the price rose above the 60 and 70 cents levels in 2016, and in 2017 the upward momentum of the market took it north of 80 cents. This year, cotton reached a new milestone when the price moved to its most recent high. As the chart shows, on each move to a new level, the fluffy fiber has corrected to the downside. So far, price action has not violated any areas of critical technical support during corrective periods, and following the mid-June peak, cotton has once again experienced a price correction. Open interest declined from 322,153 contracts on May 29 to its current level at 258,821 as of June 25. The decline in open interest came as the price corrected, and as July futures rolled to the next active month in the cotton futures market which is now the December contract.

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