In a matter of just three weeks the futures market has gone from being one of the cheapest suppliers to becoming one of the best buyers! On November 22, when spot December entered the notice period, it traded as low as 73.79 and closed that session at 75.21 cents, making the certified stock one of the most attractive lots of cash cotton available.
It is therefore not surprising that there were at least three different takers ready to receive 260’000 bales of certified cotton, most of which ha
ICE cotton hit a seven-week high on Wednesday, driven by tight supplies and a strong U.S. cash market as prices pushed through buy stops.
The most-active March cotton contract on ICE Futures U.S. closed up 1.8 cents, or 2.2 percent, at 82.49 cents a lb after scrambling as high as 82.93 cents a lb as buy stops boosted trading volumes.
The contract breached, then closed below, its 100-day moving average of 82.77 cents a lb.
Exchange stocks fell to about 61,500 bales on Tuesday, the lowest
