The July contract picked up 8 points on the day and week as the near-term consolidation phase continues, settling at 63.77. The settlement was within the upper one half of the trading range. The Dec contract gained 18 and 20 points on the day and week, respectively, settling at 62.72, the net effect leaving the July – Dec spread weakened slightly at 105. Volume slowed a bit for July delivery at approximately 12.7K contracts while July OI was near unchanged at just below 113K contracts.
For Mon…
ICE cotton futures were either steadfast or stubborn this week, depending upon whether one was either long or short, as nearby July traded and settled within tight ranges over the course of the week. July picked up 8 points on the week while Dec added 20.
For next week…
The July contract gave up 46 points on poor export sales data, but was supported by other row crops and the softening value of US currency, settling at 63.69. The settlement was within the lower one half of the trading range. The Dec contract also gave up 46 points, settling at 62.54, the net effect leaving the July – Dec spread unchanged at 115. Volume slowed for July delivery at approximately 13K contracts while July OI contracted at just below 113K contracts.
For tomorrow…
