If you like watching paint dry or chrome rust, last week’s cotton market was the place to be. Although, after the zaniness of the past few weeks, it was somewhat welcomed. With merchants closing early on Wednesday followed by an abbreviated trading session on Friday, volume was well below average. Moving in a narrow range of only two cents over the course of the week, March futures settled at 80.99 for a small loss of fifty-two points.
Market Movement from 20th Nov 2023 to 25th Nov 2023.
• NY Mar futures traded in narrow range this week. With consecutive large sell to China it covered major loss and recorded a decrease from 81.51 on 17-Nov to 80.99 on 24-Nov, reflecting a week-over-week loss of 0.52 cents.
Last week’s activity centered around spread trading as December prepares to exit the board and March becomes the official cover month. Though prices moved in a consolidated range both contracts posted triple-digit gains, erasing nearly all the previous week’s losses. December traded as high as 79.88 before settling at 78.92 for a gain of 160 points. While March traded as high as 81.87 before settling at 81.51 for a gain of 201 points.