Year to date, BAL is down 21.07% while CTNN has lost 20.73%, and in the trailing one year period, CTNN is down 43.60% and BAL has registered a return of – 41.14%.
The month of May was especially damaging to cotton prices, as BAL for instance fell sharply from a $56 handle to as low as $41.24 which was touched just earlier this week before the commodity suddenly reversed course, with BAL closing yesterday at $46.19.
However, the ETN still remains well below both its 50 and 200 day moving averages ($51.76 and $57.50 respectively), so some work needs to be done before most momentum players would get behind this commodity to any large extent.
iPath DJ-UBS Cotton Total Return ETN
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