Weekly Cotton Comments
Duane Howell DTN Contributing Cotton Analyst
Fri Aug 29, 2014 05:41 AM CDT

Improved technical action, mill buying, short-covering and perhaps some new fund buys have lifted cotton futures to new rally highs.

Benchmark December gained 66 points for the week ended Thursday to close at 66.58 cents after hitting a high of 67.72 cents, its highest intraday price since July 23.

Technically, December achieved a 25 percent retracement (67.70) of the 22.72-cent move from the May 8 high to the contract low of 62.02 cents on Aug. 1 and stalled shy of the 38.2 percent retracement (68.09) of the 15.88-cent fall from the June 23 high to the August low.

December remained ...

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