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ICE Cotton Ends Firm Despite Modest Weekly US Export Sales Data

26 Apr 2019 7:38 am
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MUMBAI (Commoditiescontrol) – Benchmark cotton prices on the Intercontinental Exchange ended up on Thursday despite the modest US weekly export sales as traders covered short positions in anticipation of the US-China trade deal.

The July contract ended up 1.6% to 78.32 cents per lb. Volumes were at 15,598 compared with 16,564 a day ago. The December contract gained 0.9% at 76.71 cents. Volumes in the December contract were at 7,387 compared with 8,619 a day ago.

US Department of Agriculture released its export sales for the week to April 18 which showed net sales stood at 239,000 RB, up 10% from the previous week, but was down 9% from the prior four-week average. Turkey and India were among the leading buyers at 88,400 RB and 74,600 RB respectively. Chinese purchases totalled 13,095 RB. Exports were 318,000 RB, down 7% from the previous week. Net sales of the high-grade Pima cotton stood at 10,500 RB, down 26% from the previous week and 54% from the prior 4-week average with India registering the highest purchase at 4,300 RB.

Focus shifted to the trade negotiations between US and China after US President Donald Trump said on Thursday that China’s president, Xi Jinping, would be coming soon to the White House. This fuelled expectations of a deal being inked between the two countries soon.

Next week Trade negotiator Robert E. Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for further negotiations. Chinese Vice Premier Liu He will head to the US for talks that start May 8.

The July contract is seen trading in the 77.47-78.83 cent range until further news emerges from the trade talks

(By Commoditiescontrol Bureau)

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