The ICE Mar contract again finished very near unchanged on Tue, giving up 5 points to settle at 72.24. The Mar contract still has yet to cover a gap below the market, which now stands at 69.31 – 69.41. May lost 6 points, settling at 72.89, the net effect leaving the Dec – Mar spread essentially unchanged at (65). Volume for Mar delivery quickened at approximately 20.5K lots while Mar OI expanded at nearly 180K contracts.
For today…
The ICE Mar contract finished very near unchanged today, giving up 3 points to settle at 72.29. The Mar contract still has yet to cover a gap below the market, which now stands at 69.31 – 69.41. May gained 2 points, settling at 72.95, the net effect leaving the Dec – Mar spread weakened at (66). Volume for Mar delivery slowed at approximately 19.5K lots while Mar OI expanded at approximately 177K contracts.
For tomorrow…
The ICE cotton market was friendly to producers last week, with both the Dec and deferred contracts reacting to a myriad of factors that were interpreted as bullish. The Mar contract surged, gaining 330 points on the week while the Dec – Mar inversion moved from a level of small carry to, at times, well over 100 points inverted.
For this week…
The ICE cotton market was friendly to producers last week, with both the Dec and deferred contracts reacting to a myriad of factors that were interpreted as bullish. The Mar contract surged, gaining 330 points on the week while the Dec – Mar inversion moved from a level of small carry to, at times, well over 100 points inverted.
For this week…
