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ICE Cotton Down Amid Fresh US-China Trade Concerns

8 Feb 2019 8:33 am
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MUMBAI (Commoditiescontrol) - ICE cotton futures fell sharply to three-week low on Thursday amid fresh concerns of US-China Trade talks.

First came news from senior White House economic adviser, Larry Kudlow, that the U.S. and China “remain way apart on a trade deal.”

Then came the news that President Trump and President Xi would probably not meet before the March 1 trade deadline.

Due to uncertainties about trade talk futures closed down with most contracts 13 to 94 points lower.

Earlier the USDA published exports sales for the week ending December 27th, which were significantly down from the previous week at 228K RB while the shipment was unchanged at 242K RB and exports were 189k RB. But lows sales and exports were not a concern as this period included Christmas holidays also.

Now focus will be on WASDE report for January and February to be published today. As per Bloomberg poll analyst expect the US and world carryover at 4.37 and 73.35 Million bales.

If WASDE report is not up to market expectation then the market may test the lower band of the trading range of 70-75 cents.

May 19 Cotton closed at 73.920, down 94 points July 19 Cotton closed at 75.310, down 91 points. Total volume was 64656 lots.

Certified stocks were 127,546 480-lb bales, unchanged from 127,546 in the previous session.

(By Commoditiescontrol Bureau)


       
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