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ICE Cotton Ends Up; US Exports Sales And WASDE In Focus

7 Feb 2019 9:02 am
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MUMBAI (Commoditiescontrol) - Cotton futures saw most contracts ended the Wednesday session 16 to 26 points higher.

Markets closed firm on optimism about export sales to be announced today.

Export sales announced last Thursday for a week before Christmas, ending 21st Dec was highest in this marketing year. Market is now hoping that same pace of export will continue for the post-Christmas week export also that is to be announced today.

The market is also expecting a reduction in supply and closing stock in WASDE report for Jan and Feb to be published tomorrow.

The dollar was strong in spite of Fed comment that there will not be any rate increase, this might be due to robust US economy and safe haven buying by global investors this may cap gain in Cotton. As it will make Us cotton expensive for the international buyer and at the same time other international origin cotton
such as India and Brazil become cheaper in dollar terms to International buyers.

The release of USDA reports and contract rollover from March to May will keep markets volatile.

March 19 Cotton closed at 73.660, up 26 points, May 19 Cotton closed at 74.860, up 17 points July 19 Cotton closed at 76.220, up 18 points. Total volume was 51898 lots and open interest was 245717 lots while the certified stock was 127,546 480-lb bales, up from 127,025 in the previous session.

(By Commoditiescontrol Bureau)

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