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NY cotton futures dip for most trading days this week
06 Sep '14
1 min read
Of the overall trading days this week, New York cotton futures declined for most of those days.
Particularly, market activities on September 5, were especially bearish as NY cotton futures fell below both - 65.00 cent and 64.00 cent levels, the latest report from ECom reveals.
The December/March spread also saw a bit of reversal. This spread has gone from nearly 100 points of carry to a 35 point invert on September 4. This makes sense given the relative tightness in the US, the report adds.
However the week settled with only a 17 point invert and a final December price of 64.31. This week’s export sales report was little help for the bulls as only 88,200 running bales were recorded sold.
Demand for prompt shipment has been brisk and those merchants/traders who have access to this early cotton have been kept busy.
Mills are happy to buy at these prices but farmers face a very different side of the trade and continue to hold out for higher prices and better basis offers. (AR)
Particularly, market activities on September 5, were especially bearish as NY cotton futures fell below both - 65.00 cent and 64.00 cent levels, the latest report from ECom reveals.
The December/March spread also saw a bit of reversal. This spread has gone from nearly 100 points of carry to a 35 point invert on September 4. This makes sense given the relative tightness in the US, the report adds.
However the week settled with only a 17 point invert and a final December price of 64.31. This week’s export sales report was little help for the bulls as only 88,200 running bales were recorded sold.
Demand for prompt shipment has been brisk and those merchants/traders who have access to this early cotton have been kept busy.
Mills are happy to buy at these prices but farmers face a very different side of the trade and continue to hold out for higher prices and better basis offers. (AR)
Fibre2fashion News Desk - India
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