• Investing Insights & Exclusive Offers → Get Our FREE “Market Brief”
    Sign-up for our free weekly newsletter. Get unparalleled investing insights and exclusive Summer Sale discounts on Hedgeye research.

    Disclaimer: By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails. Use of Hedgeye and any other products available through hedgeye.com are subject to our Terms Of Service and Privacy Policy

Here's an interesting chart by my colleague Andrew Barber showing price/volume on NYMEX cotton contracts. Our key takeaway is how complacent this market has become. Volume = conviction, and the biggest volume days over the past 6 months were usually down price days. The market thinks that cotton prices are coming down. At 5-8% of the retail cost of the average apparel garment, the industry better hope that the market is right.