The ICE Mar contract gave up 54 points on the first day of the Goldman roll, settling at 75.09 – Mar’s three day skid cost the bulls 182 points. The May contract lost 23 points at 76.14, the net effect leaving the nearby spread weakened noticeably at (105). Volume in Mar was near quickened notably at nearly 36K lots (~85K across all active contracts) while OI in the front month continued to contract at around 138K contracts.
For today,
The ICE Mar contract gave up 78 points on Mon, ahead of the commencement of the Goldman roll, settling at 75.63. The May contract lost 70 points at 76.37, the net effect leaving the nearby spread weakened at (74). Volume in Mar was near unchanged at approximately 20.5K lots while OI in the front month continued to contract at around 143K contracts.
For today…
The ICE cotton contracts had another up week with lead month Mar gaining 156 points, settling at 76.41 even as index funds began to roll longs into deferred contracts. May will likely be the defacto lead month the next time that we pen this column. The July – Dec inversion, at times, exceeded 400 points over the week’s course, and this should serve as an alarm to producers to strongly consider making new crop marketing plans. While an inversion is supportive to bullish over the near-term, the opposite is true for deferred contracts.
For this week…
The ICE Mar contract gave up 50 points on Fri, but picked up 156 points on the week, settling at 76.41. The May contract experienced similar gains, although the nearby spread weakened slightly over the course of the week. OI continued to contract in Mar as Index funds rolled long positions forward while OI against all active counteracts continued to expand.
For today…
