ICE Cotton futures gained almost 100 pts this week basis the N4 to settle at 93.25 c/lbs. Thursday was the soon-to-expire K4 contract’s First Notice Day, which was preceded by a large drop in OI via EFP and EFS transactions, rumored to be either against on-call fixations or the changing of hands of the cert stock, outside of the official delivery process.
In either case, the K4’s drop versus N4 prior to FND allowed merchants to delay bringing any available supplies to the board. Export sales