• In the month of February, NY Future experienced a roller coaster ride, fueled by financial support and strategic acquisitions. Breaking through all psychological resistance barriers in the first week, it surged past the 90-point mark for the first time. By the end of first week, there were indications that NY Future might surpass the dollar threshold, reaching a high of 103.80 and closing near 99.57. Overall, NY May futures demonstrated a substantial gain of 13.16 points month-over-month.
Market Movement from 26th Feb 2024 to 02nd Mar 2024.
• The New York futures market witnessed a highly volatile week, marked by both limit-up and limit-down days. The value of NY May surged to a new high, breaching the dollar mark and reaching an impressive 103.80 cents from its initial position at 93 cents. However, the market experienced a retracement, settling back to 95.57. Ultimately, despite the significant fluctuations, the weekly gain amounted to just 208 points.
Market Movement from 19th Feb 2024 to 24th Feb 2024.
• In the week-to-week comparison, the New York March futures gained 106 points, whereas the May futures experienced a loss of 93 points. With March now concluded, the focus has shifted to the front month, which is now represented by the New York May futures.
At Current Prices, Cotton Is a Speculative Market. And That’s Okay.
Feb 23, 2024
Run Forrest run! And boy, did he do his running.
The March contract ran to a high of 95.42 cents before giving up on its first notice day, giving way to the May futures contract as the spot month. Thus, the stage is set for May’s challenge of 96 cents. The pure technician suggests a run to 101 cents…which will not happen!