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Uninterrupted daily losses continue in ICE cotton prices
Nov '13
ICE Cotton settled lower again, closing at 76.58 on the back of two weeks of uninterrupted daily losses.

Reporting remains delayed due to the government shutdown, but CFTC data released this week shows that spec selling - both long liquidation and fresh shorts - continued to weigh on the market between the 8th and 22nd.

Spec selling has continued this week, as bearish headlines and depressing technicals suggest Z3 has seen its highs. Potentially bearish news may be just around the corner in China, too, yet nonetheless the market appears to be fundamentally oversold.

Despite a growing US crop, early supplies are spoken for and export demand remains heavy through January; sales reported this week were solid.

Physical basis levels are firm, and cert stocks are probably near their peak for the December delivery period. Likely in the near future, headlines will change – they don’t remain either bullish or bearish forever – and there should be ample room for a near-term bounce.

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