By admin       2018-09-07

December cotton posted its second lowest close since its June high of 9475. Although volume was moderate, estimated to be 16,000 contracts, the market has a heavy feel about it. One reason might be that Thursday marked the last day for the public comments period before additional tariffs on Chinese goods. Thus, soon an additional $200 billion dollars of Chinese goods will be legible for U.S. import taxes. It is thought, however, the Trump Administration will incremental impose these tariffs. Another negative for Cotton is the impending approach of harvest, with its usual selling pressure, plus a stout U.S. Dollar, as well as uncertainty of what size crop USDA will report next week in its monthly supply-demand data. Friday, the USDA will issue its weekly sales and exports at 8:30 am, as well as the Labor Department’s monthly jobs data at the same time. December cotton settled 8130, off 41 points, March 19 was 8173, down 38, and December finished at 7727, down 44 points.

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