Domestic consumption for February annualized at 4.85 million bales. Pre-report surveys had indicated a usage slightly better than that. However, Commerce raised the January rate from 4.88 to 4,97 million bales.
Certificated stocks were reported this morning at 612,812 with 40,550 awaiting review.
To have a winning week, May cotton needs to close above 5391 tomorrow. A move like that would likely cause a technical eruption as it would also violate every key moving averages from the 9 day to 40 day in the process. December cotton closed at 5855 last Friday.
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
