By admin       2018-09-07

: December cotton is lower this morning as it lacks any sort of positive fundamentals to drive it higher. With Gordon gone, and the unofficial harvest commencing in about thirty days, the technical and the seasonal are decidedly bearish to the market. Additionally, the US dollar remains a thorn in cotton’s side. In fact, the dollar may strengthen if tomorrow’s jobs data from Labor Department is deemed positive to interest rates. Weekly sales and exports, normally out today, are delayed until tomorrow. To that end, the market wants to see if China is continuing to reduce US business, but equally important, the trade wants to see what other customer is taking up China’s slack. Despite trade war troubles, the pace of cotton business is equal to or greater than last season. Close-in support for December cotton is 8110 and 8145, Reinsurance will be at 8231 and 8325.

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