Amid a sea of red prices, the cotton market finished in the green column.
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Author: Vigotex
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Hi our beloved customers:
We would like to update cotton news by Vigotex:
- ICE 2023 May: Closed 84.90 c/lb, +2.74 cents;
- ICE 2023 July: Closed 85.08 c/lb, +2.45 cents;
- ICE 2023 Dec: Closed 84.32 c/lb, +2.10 cents;
- Estimated volume: 38,132 contracts
Amid a sea of red (negative) prices, the cotton market finished in the green (positive) column. The main reason for the strong day was the weekly export sales from USDA. In addition, the energies were all positive, thus lending a peripheral helping hand.
Friday's export sales reflected another marketing-year high in business. It marked the second time in only three weeks that such a surge happened. Moreover, to the surprise of many, Turkey was a respectable buyer. Vietnam was the primary purchaser.
The CFTC's will resume its weekly commitment of traders data Friday. That information has been offline for three weeks due to a cyberattack on a major reporting clearing firm. From its website, we think we understand the watchdog will publish the missing data in phases.
There were zero deliveries seen against spot March. Its notice period runs through March 9.
For the week, we note that May Cotton is up 3.40 cents, but off 2.05 cents for the month, and up 1.45 cents on the year.