By admin       2019-04-27

The cotton market was sharply higher Thursday as traders sloughed off so-so sales and exports data. Chart-wise the market had traded down to the last levels of support, and when it appeared early on that those lines would hold, shorts covered and bulls re-bought.Thursday’s weekly sales and exports data, while higher than last week’s business, still held no dynamic numbers. Interestingly though, China did appear as a net buyer in both crop seasons and that was a slight positive.The U.S./China Trade talks resume next week, as a U.S. delegation heads for Beijing on April 30. Then, the Chinese are due back in Washington around May 8. It is being suggested a deal could be done and inked by May 18. However, among some analyst and traders, much of the benefit of a trade treaty has been discounted in the market. Only if China rushes in with massive buy orders for U.S. cotton will prices and the psyche of the market be changed.Thursday July cotton settled at 78.32 cents, up 1.20 cents, December finished 76.71 cents, up 0.65 cent and March closed at 77.03 cents, plus 0.55 cent. Thursday’s estimated volume 24,300 contracts.

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