Tag: cotton-market

Cotton Closes Above $2 per Pound as Market Remains in Chaos

Filed in commodities, New Gold, o, South African Gold, Spot Gold by on February 18, 2011 0 Comments
Cotton Closes Above $2 per Pound as Market Remains in Chaos

Filed under: Major Movement , Industry , Market Matters , Commodities , Agriculture The cotton market is in a state of chaos. On Friday, March cotton on the ICE exchange closed at $2.1102 per pound, up the 7 cent daily limit, the Financial Times reported. The market opened limit up at $2.1102. That means that you cannot buy cotton even if you wanted to. The market is frozen. Commodities are much different from stocks. Commodities are a zero sum game. Contracts usually last for three months. At the end of the three months, the longs take delivery from the shorts who deliver their cotton, and zero contracts are left. Continue reading Cotton Closes Above $2 per Pound as Market Remains in Chaos Cotton Closes Above $2 per Pound as Market Remains in Chaos originally appeared on BloggingStocks on Fri, 18 Feb 2011 10:30:00 EST. Please see our terms for use of feeds . Permalink  |  Email this  |  Comments

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Cotton Bears Have Downside Technical Momentum

Filed in economy, Gold, Gold Investing by on July 25, 2010 0 Comments
Cotton Bears Have Downside Technical Momentum

ICE December cotton futures prices on Tuesday hit a fresh 4.5-month low of 72.96 cents a pound. In five weeks’ time the cotton market has shed 6 cents (600 points) as prices are in a five-week-old downtrend on the daily bar chart and the bears have downside technical momentum. The next downside price objective for the cotton market bears is to push and close December futures below solid technical support at 72.50 cents. Below that lies chart support at 72.00 cents. For the weakened cotton market bulls to begin to regain some fresh upside near-term technical momentum to suggest that a near-term market bottom is in place, they will have to push and close December futures prices above strong chart resistance at 75.00 cents a pound. Below that price level does lie technical support at 74.00 cents and 74.50 cents. Stay tuned! Jim Wyckoff

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