By admin       2019-03-13

After a slightly lower close on Monday, the cotton market is looking for a positive Turnaround Tuesday session.After a slightly lower close on Monday, the cotton market is looking for a positive Turnaround Tuesday session. However, there is little in the way of fundamental news Tuesday to fill that promise. On Monday, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Monday held talks with Chinese Vice Premier Liu He trying to hammer out key sticking points of the proposed U.S.-China trade agreement.According to China’s Xinhua News Agency, attitudes are good on getting a trade deal done this week. However, factually, no final agreement has come to pass. To that end, we hear the late March meeting between President Trump and President Xi has been pushed back into April.Allegedly, in recent weeks there was a sizable sell of Indian cotton to China. The total amount was thought to be up towards 800,000 bales. If such large transactions persists, it is conceivable India could run out of exportable surplus cotton sooner than expected. If that is the case, then the pressure on China to finalize a deal with the U.S. is amplified.For Tuesday, support for May cotton stands at 72.50 cents and 71.90 cents, while resistance is found at 73.80 cents and 74.90 cents. Overnight estimated volume is 4,560 contracts.

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