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Cotton Summary: January 12, 2018

Cotton futures soared today locking limit-up midway through the US session and eventually settling limit-up at 82.65. Synthetically the market traded actively 15 to 20 points higher via spreads and appears to have traded as high as the 82.96 level and settling synthetically at 82.91.Today, the daily limit goes to five cents (500 pts) as per rule. Four cents because the market is above 80c and another cent for limit up. The market continues to find support from a combination of a record unfixed on call position, continued export demand, option related buying, and positive technical outlook. Technically, another supportive day for bulls with limit-up close, a new contracthigh, and new contract high close.