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NY cotton futures ride wild horse on April 18

19
Apr '12
NY cotton futures was a wild horse on Wednesday with prices exploding to the upside despite the fact that the overall outside markets were trading in the red.

The price explosion was believed to be initiated by spec buying activities, which pushed the spot May contract to temporarily hit the exchange allowed 4 cent limit up on the day.

Selling on rally came in the market once the limit was reached and cotton lost part of the advances, but still ended the day with triple digit gains.

The markets are in a long term bear trading channel and even more recently a short term leg lower. Selling rallies remains the best strategy and when the front month is near expiration, it is usually the best opportunity due to the tight cert stocks.

ECOM


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