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AFB Cotton Close: Higher on Technical Buying

Ernst Undesser
By Ernst Undesser December 12, 2012 17:23

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

 

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Ernst Undesser
By Ernst Undesser December 12, 2012 17:23

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