AFB Cotton Close: Modest Gains, Well Off Highs
Cotton prices traded posted modest gains again today. While the market closed up it again closed well off of its daily high. Prices continue to search for fundamental support for the market. While a weak U.S. dollar and uncertainty around the U.S. crop remains supportive of cotton prices. Large global supplies and questions surrounding China’s cotton policies remain negatives for the market.
Cotton prices slid all week with the exception of 2 minor higher days at midweek. The important 68 cent level was breached in Friday trading opening the way for another