Cotton Prices Testing Recent Lows

14 Mar in Blog, commodity trading, cotton futures, futures broker

 Cotton Futures-- Cotton futures for May delivery were down again today settling at 87.14 a bale finishing lower by another 90 points closing at a 10 week low with the next resistance at 84.23 which happened on December 14th  of last year reversing last week's gain on the fact that India had stopped exporting cotton but only a couple of days later were pressured by Chinese and Indian farmers to not pursue that policy so prices have reversed from $.94 a Bale all the way down to 10 week lows and looking like they might retest the $.84.00 level in the next couple of weeks. Cotton in my opinion is a strong buy at these levels and if you can buy it down at contract lows around 84.23 a bale going into this hot spring and summer planting season I think you can take a chance while using stop loses and a money management system, because I think prices will head up during the spring and summer months. The May contract in cotton is considered old crop which means that the crop that was harvested last year and the contract you want to focus on is the December cotton futures contract which is considered new crop which is the crop that will be planted in the ground this year, so if there are weather problems or if less acres are planted you should start to see a low in prices.


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