Cotton prices are up by as much as 35 points in early Tuesday market activity. Nearby cotton faded with 7 to 18 point losses on Monday, while there were 21 to 34 point gains for new crop. The Mar-Dec spread tightened to 491 points at the close. The US Dollar Index was up sharply on Monday, following a bullish engulfing line on the charts from Friday.
The Chinese cotton market on the Zhengzhou commodity exchange will be closed from Feb 12th through Feb 15th for the Lunar New Year.
The Cotlook A Index for 2/2 was 115 points higher at 95.25 cents. USDA’s weekly Cotton Market Review had 30,988 bales sold for the week with an average price of 81.35 cents/lb. The AWP is 67.64 cents. ICE certified stocks were only 999 bales as of 1/26, with the March contract delivery period just a few weeks away.
Mar 24 Cotton closed at 87.04, down 7 points, currently up 37 points
May 24 Cotton closed at 88.03, down 12 points, currently up 24 points
Jul 24 Cotton closed at 88.52, down 18 points, currently up 23 points
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