Demand concerns and technical weakness continued to weigh on cotton futures last week ahead of USDA’s key U.S. planted acreage report.
Most-active December lost 148 points during the week ended Thursday to close at 83.88 cents, having posted lower intraday highs nine sessions in a row. It came into the calendar week having closed below its 50-day and 100-day moving averages.
December fell to 83.05 cents on Tuesday, the lowest intraday price since June 3 when it hit the month’s low at 81.72 cents, and bounced before closing Thursday 568 points below the June 14 high.