The Latest

AFB Cotton Close: Higher on Technical Buying

Ernst Undesser
By Ernst Undesser December 12, 2012

Cotton Comment
Cotton was higher as technical buying provided follow through on yesterday’s gains. March futures moved above 75 cents and are less than a penny below the 38% retracement objective of 76.14 cents. Export movement has been good, as evidenced by yesterday’s upward bump of 200,000 bales in the supply demand numbers. That is a positive, but a long ways from solving the world supply situation.

        
         
Spot Price, Grade 41 Staple 34: Memphis down 22 at  7187
Greenwood down  22 at 7187

 

New York Futures: March up 22 at 7512
May up 21 at 7600
July up 14 at 7677
Oct up 14 at 7735
Dec up 9 at 7822
This week’s LDP rate for cotton is 0 cents
The estimate for next week is 0 cents

 

Tags:


Ernst Undesser
By Ernst Undesser December 12, 2012