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Triple Digit Drop in Cotton Futures
Cotton cooled off after the 3-day weekend with a triple digit pullback to start the week. March futures were 69 points off their lows for the close, but still down by 268 for the day. December cotton ended the session 110 points in the red and 821 points under the March.
Zhengzhou Cotton Prices were 220 to 255 yuan/MT higher after the Lunar New Year break for Monday. The net new buying equates to a ~1.6c gain to ~ $1.02/lb.
The Cotlook A Index was 101.6 cents/lb on 2/19, having faded by 75 points. USDA’s weekly Cotton Market Review showed 26,614 bales were sold during the week, averaging 88.52 cents/lb. The updated AWP was listed at 73.44, another 340 points higher for the week. ICE certified stocks remained at 999 bales for 2/15.
Mar 24 Cotton closed at 91.19, down 268 points, May 24 Cotton closed at 91.69, down 273 points, Jul 24 Cotton closed at 91.54, down 289 points On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. |
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