DTN Cotton Close: Higher on Short-Covering
DTN Cotton Close: Higher on Short-Covering

DTN Cotton Close: Higher on Short-Covering

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By Keith Brown DTN Cotton Correspondent

The cotton market finished moderately higher Tuesday as speculators began buying back previously short-sold positions. Their action reflects Monday’s crop condition numbers, which indicated the 2019 crop was going backwards in its current development. Additionally, speculators are likewise fearful that ending stocks may be reduced on Thursday’s monthly supply-demand data. Analysts are looking for reduced production and exports, all netting out to a somewhat lower carryout tally.

There is also talk that the India crop may be reported smaller as well. Its monsoons initially ran 50% below normal, then increased mid-summer, but still was very sporadic. Thus, some areas of cotton production were stressed.

For Wednesday, traders are expecting a tight, two-sided session, as market participants will have the day to sort out the position they wish to hold into the report.

Tuesday, December cotton closed at 59.34 cents, up 0.36 cent, March finished at 59.99 cent, up 0.40 cent and December 2020 ended at 62.28 cents, up 0.23 cent. Estimated trading volume for Monday was 20,667 contracts.

Πηγή: Agfax



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