By admin       2018-08-27

December cotton did an about face from early morning strength to finish a mere 24 points higher Friday. After posting double-digits highs above 8300, speculators and hedgers alike began to sell into the bullish run, turning prices lower. In fact, the retreat resulted in a mixed settlement for the ICE Futures, as December was higher, but the deferred months were lower. Week-over-week, December cotton finish only 24 points higher. The week’s trade was dogged by a strong Dollar, inconclusive trade talks with China and an on-going trade feud with Turkey. Technically, the market closed with a week look. December cotton closed below our five-day, nine-day and 36-day averages, as well as ended with an RSI reading of 34%. Our proprietary 100-Trend has a minus one (-1) or sideways to down reading. December cotton settled at 8163, up 14, March 19 was 8179, down 12, and December 19 finished at 7678, down 24 points. Estimated volume for Friday was 19,083 contracts.

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