Bearish sentiment remains in the cotton market amidst a weak technical outlook.
The December futures contract lost 9 points for the week ending August 15, settling at 67.15 cents per pound. On Wednesday, a new low settlement price of 67.05 was established.
A surprise cut to U.S. production on the WASDE report briefly boosted the market, but the momentum was unsustainable. Speculators have reached a record short position, and the selling continued this week. Cotton prices in Ch…