Cotton Inches Up

The cotton market is working on its third higher consecutive session today, albeit on holiday volume and tight ranges. Traders are squaring positions ahead of what will be for some a long holiday period. The market will have an abbreviated session on Friday.

The CFTC published another scheduled catch-up Commitment of Traders report Tuesday. Its data showed that the managed-money funds unfurled a new record net-short position in excess of 80,000-plus contracts.

Spot December contract is in its delivery period, but there were zero notices issued for today. Thus far, the total notices tendered stand at 171 contracts. Delivery runs through Dec. 7.

The market will be closed Thursday in observance of Thanksgiving. There will be a delayed opening on Friday with trading starting at 8 a.m. EST and will close early at 1:30 p.m. EST.

Daily chart support for March cotton stands at 63.80 cents and 63.45 cents, with resistance at 64.70 cents and 65.20 cents. Wednesday morning’s estimated volume is 5,468 contracts.

Keith Brown can be reached at commodityconsults@gmail.com or by calling (229) 890-7780.