By admin       2018-08-28

December cotton closed with triple-digit gains Monday as speculators were actively on both sides of the trade. Drawing inspiration from all-time highs made in the S&P 500 and NASDAQ, and with the Dow Jones breaking the 26,000-mark, speculative traders felt compelled to cover shorts and buy long. Additionally, weather forecasts for West Texas were bullish in that over the next week, rains chances are diminished, while temperatures will be above normal. We would also think the ICE Futures drew strength from the soon-to-be-signed U.S./Mexico trade agreement, which replaces NAFTA. Technically, December cotton settled above its nine-day average for the first time since August 6. Monday’s estimated volume was estimated 21,000 contracts. December cotton closed at 8334, up 171, March 19 finished at 8352, up 173, and December 19 settled 7774, up 96 points

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