By admin       2018-08-31

December cotton is essentially unchanged as traders begin to square their positions for tomorrow’s end-of-month-trading, as well as in anticipation of the three-day Labor Day weekend. Thus far, spot December is developing an inside day pattern. That means its present range is “inside” of Wednesday’s high-low range. Fundamentally, the market is still dealing with trade war troubles with China, and a floundering Turkish economy. Additionally, the Indian rupee continues to suffer lower on the global currency market. A cheap rupee would facilitate more exports from India to the world. USDA reported weekly sales and exports this morning sales. Net sales for 2018/2019 were 150,600 ,bales. Buyers included China (44,500), Vietnam (30,400), Pakistan (20,400), South Korea (16,400), and Bangladesh (8,800). For 2019/2020, net sales of 49,600 bales were reported for China (48,400) and India (1,200). Weekly shipments were 172,600 bales, Primary destinations included Vietnam (61,000), Mexico (18,200), Indonesia (17,900), Turkey (11,000), and South Korea (9,600). Close-in support for December cotton is 8215, 8110, and 8060, while resistance is 8425 and 8550.

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