The ICE Mar contract struggled over the course of the abbreviated trading week, failing to post a single positive daily gain over the period. Mar ultimately settled at 71.25 – a 107 point weekly setback. While this loss seems somewhat negligible, Mar traded nearly 200 points off last week’s 72.32 settlement, but topped out at an intraweek high of only 72.70.
For this week…
The ICE Mar contract gave up another 39 points on Fri, settling at 71.25 – a 107 point weekly setback. Mar traded as low as 70.40 on the day, with Mar not yet having covered either the gap below the market at 69.31 – 69.41 or the gap above the market at 71.48 – 71.64. May lost 41 points, settling at 71.90, the net effect leaving the Dec – Mar spread essentially unchanged at (65). Volume for Mar delivery slowed at only around 8.5K lots while Mar OI contracted slightly at approximately 182.5K contracts.
For today…
The ICE Mar contract gave up 60 points on Wed, ahead of the US holiday and today’s belated US cotton export report, settling at 71.64. Mar traded as low as 70.63 on the day, with Mar not yet having covered a gap below the market at 69.31 – 69.41. May lost 58 points, settling at 72.31, the net effect leaving the Dec – Mar spread essentially unchanged at (67). Volume for Mar delivery slowed at nearly 16K lots while Mar OI expanded at nearly 183K contracts.
For today…
