Cotton Futures Out Of Eight Week Highs, Investors Clearing Positions
According to New York's April 9th news, NYBOT cotton futures closed down from its eight week high on Thursday, and was squeezed by profit from late trading. Earlier, the market was dominated by speculative buying and arbitrage trading.
The most active cotton contract in July fell 66 points to 48.73 cents per pound; in May, the contract fell 31 points to 48.41 cents per pound. This week, the July contract rose 30 points.
Cotton futures mostly rose early, followed by strong Wednesday. The rise in the stock market and commodity sector has stimulated speculation. The fourth largest bank of the United States, Wells Fargo, said it expected to make a profit of $3 billion in the first quarter, and the acquisition of Wachovia exceeded expectations. Analysts pointed out that traders will extend their positions in May to July contracts.
The US Department of agriculture's crop output and supply and demand data vary widely and have no effect on prices.
The May contract saw 50.04 cents, the highest level in eight weeks. At the close of July, the contract suffered a profit and eventually ended on the same day.
The cotton market closed on Friday on Friday and resumed trading on Monday.
Peter Egli, director of Plexus Cotton, said speculation has made cotton futures more expensive than spot prices, which limits market growth.
Sterling Smith, vice president of Chicago FuturesOne, said that if the economic situation improves, cotton futures may go up. The resistance level of the July contract is near the 52-57 cent level.
Flanagan Trading Corp, a broker, said that the resistance level in May was 49 and 50 cents, with support 48.05 and 47.10 cents.
By the end of April 8th, the NYBOT contract for delivery of cotton futures contract No. 2 was 214633 packages, the first trading day was 215572 packages.
The Exchange announced that the position of cotton futures decreased by 3354 to 136138.
Turnover is expected to be 37901 hands. In options, there are about 5283 call options and 3823 put options.
Below is the closing price:
Closing trading range
May 48.31 -31 48.28-49.92
July 48.73 -66 48.36-50.05
December 53.35 -64 52.99-54.60
Editor in chief: Wang Xiaonan
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