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…
As the majority of published analysts, including us, foretold of the week just past, trading action was volatile. This was especially true today with the Mar contract trading a range of 324 points. Mar is now the de facto lead month by virtue of having the greatest open interest, with the new lead month giving up 7 points on the week, settling at 69.03. Dec gave up 9, settling at 68.44.
For this week…
As the majority of published analysts, including us, foretold of the week just past, trading action was volatile. This was especially true today with the Mar contract trading a range of 324 points. Mar is now the de facto lead month by virtue of having the greatest open interest, with the new lead month giving up 7 points on the week, settling at 69.03. Dec gave up 9, settling at 68.44.
For this week…
