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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Cotton futures were more than 2 cents higher than they were last Friday, even after being down 21 to 44 points today.With prospects that Chinese cotton purchases may back off, Cotton Corp of India this week began a new round of sales in an effort to control growing government stocks after purchases of about 5 million bales of 2014 season production. This sale will offer 5,100 bales; no total goal has been announced but any influx of cotton into the market is a negative factor.The Cotlook Index is 67.30 cents, up 0.7 cent. ICE reports 1,847 new certificated stocks, bringing the total to 60,527. There are still 5,541 awaiting review. The COT report from the CFTC showed managed money accounts with a net short position of -8,512 contracts as of the Tuesday close.