The ICE Futures are higher Monday morning in response to renewed Sino-U.S. trade talks this week. On Wednesday and Thursday, a midlevel Chinese delegation will be in Washington to help jumpstart stalled trade talks. Naturally, it is anticipated some sort of agreement can be reached.
Overnight, December cotton slightly traded over the $.8300 mark, but has since slightly retreated, as it awaits further developments.
Late Friday the National Hurricane Center posted a “Yellow X” on its Atlantic map to suggest there was “something” brewing out there is the lower Atlantic Basin.
Initially, this X designation means there is a 40% chance or less of development. Monday morning that “X” has been erased, however, it does serve as a decent reminder for the time of year the market has entered.
Close-in support for December cotton lies at $.8118 and $.8060, while resistance stands at $.8345 and $.8610. Estimated volume so far stands at 4,700 contracts traded.