By admin       2018-08-17

Overnight, December cotton is higher as news of a returning Chinese delegation for a new round of trade talks is supporting investor sentiment. Late this month, the Sino-US meeting will take place in Washington. The change of attitude has evolved as apparently U.S. tariffs are begging to take a toll on the Chinese economy. Of late, her stock markets have lost some 25% of their value, and manufacturing layoffs are being reported. The Turkish lira is experiencing its second day of recovery, although, things are not fixed. Yesterday, Qatar is infusing some $15 billion dollars into the Turkish economy. This action will also have a positive effect on global markets. USDA reported poor sales and exports this morning. Sales for the current crop year were a meager 77,000, while shipments were a tad better at 240,000. Close-in support for December cotton stands at 8080 and 7960, while resistance will be found at 8280 and 8345. Current volume stands at an estimated 8,500 contracts trade

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