Unprecedented rise in local Chinese cotton prices last night
14 Jun '07
2 min read
Technically, the market seems to want to continue the uptrend nearby, but there are some factors developing that may eventually make this rally hard to sustain. The dollar index has been very strong lately and will have an impact on U.S. exports longer term.
Specs are also approaching nearby records in position volume as they maybe over 15% long today and if you look back to July's high at the end of May of 51.50, it has taken almost 2-weeks for the specs to push the market up just over 100 points. Will be interesting to see how much more ammunition they have to push the market higher.
marketing@alchempro.com
