By admin       2018-08-16

December cotton was lower overnight as fears increase Turkey’s currency crisis will undermine European financial stability. Also, trade tensions with China remain heightened as the Trump administration will announce new tariff increases on Chinese imports. The original tariff called for 10%, but now those rates will rise to 25%. Currently, the U.S. dollar has posted a 13 month high, sending gold, crude oil, and Dow Jones markedly lower. The 2018 harvest is underway in the Rio Grande Valley. Information over those efforts there are sketchy at the moment, but the fact gathering that is occurring may be bearish to the psyche of the market. If December’s July low (8175) is violated, that would be another bearish event for the market to overcome. Overnight volume is estimated at 4,700 contracts. Close-in support for December cotton stands at 8200 and 8175 and resistance 8415 and 8530.

Download App

# #

Member Login