Any Cotton traders out there? Yesterday we saw quite impressive move on Nybot cotton no2. I'm more interested in spread move. Is it possible that paper buying JULDEC spread mostly caused move up on JUL outright?
I got long Cotton early this year, been spending last few years hunting for bottoms, April/recent days added ons. Mostly likely the seasonal have changed to up and daily trend had changed to down in April and few days ago which more to add onto longs, also the long triangle Jul/Dec, each time it hit bottom base, good accumulation as it been stairstepping since October-no brainer. Spreads often time lead trends, so those who don't study spreads are losing out on the information gained from them. Limit up today-nothing can be finer on a Friday.
Just closed a short position in N7/Z7 - damn. Think I'll stop messing with these ICE softs and stick to CME markets.
http://www.agrimoney.com/marketrepo...-contract-highs-dodging-ag-malaise--4092.html The gain followed well-received data on Thursday for US export sales and, in particular, actual shipments of cotton last week, of 164,000 running bales and 429,000 running bales respectively.