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December cotton futures hit a three-month high amid demand support
The outlook cited stronger domestic demand, with USDA data showing downward revisions to global cotton production forecasts, including the U.S. and Brazil.
December cotton futures have moved to a three-month high and are in an uptrend, with technical indicators described as bullish, including MACD lines positioned above the trigger line and trending upward, according to Yahoo Finance.
The article also points to fundamentals, saying stronger domestic demand for the natural fiber has emerged, while India’s cotton stocks are declining.
USDA data referenced in the piece include downward revisions to global cotton production forecasts, particularly in key regions such as the U.S. and Brazil.
A break above chart resistance at 86.00 cents is described as a potential trigger for further strength, with an upside objective of 95.00 cents and a nearby support level at 82.50 cents.