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 ended slightly higher Friday and on the week, as speculative short-covering ahead of month’s and quarter’s end re-emerged. At one time speculators held a net short position of 49,000 contracts. That number was essentially pared in half during the month of September. Still, speculators remains net short and could return to vigorously press the short side again once the fourth quarter starts.

To that end, cotton’s major trend remains bearish, plus there is a massive 2019 crop anticipated. Moreover, India now says it too will have a tremendous crop. Thus, supply does not seem to be the near-term problem, which leads us to demand.

To that end, next month also brings new trade talks between the U.S. and China. However, October will commence the 15th month of the trade war.

For the week, December cotton finished about 0.38 cent higher, but it’s up on the month some 2.07 cents.

For Friday, December cotton closed at 60.90 cents, up 0.62 cent, March closed at 61.63 cents, up 0.64 cent and December 2020 closed at 63.81 cents, up 0.42 cent. Friday’s estimated volume was 20,752 contracts.

Πηγή: Agfax



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