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ICE Cotton Ends Down; Weekly Crop Quality Report Shows Fall In “Excellent/Good” Ratings

20 Aug 2019 7:26 am
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MUMBAI (Commoditiesontrol) – Cotton prices on the Intercontinental Exchange ended down on Monday as traders continued to stay short on positions amid lack of any bullish triggers, while possibilities of a US-China trade deal turned uncertain.

The most active December cotton contract ended down 1.5% at 59.24 cents per lb. Volumes in the December contract eased to 10,398 compared with 12,707 on Friday. The March 2020 contract ended down 1.1% at 60.05 cents per lb.

With lack of strong bullish triggers, markets focused on the developments in the US-China trade deal. Although China and the US are scheduled to meet in September, comments from officials on both sides seemed pessimistic.

Sunday, US President Donald Trump linked the trade deal to the Hong Kong protests and said he was less optimistic than his aides about the trade deal.

“I'm not ready to make a deal yet," Trump said adding that it would be “good” to see China resolve the on-going protests in Hong Kong.

"I would like to see Hong Kong worked out in a very humanitarian fashion...I think it would be very good for the trade deal."

The likelihood of rainfall and storms in Midwest US and some precipitation in the southern regions also added to the fall after the soaring temperatures last week.

Meanwhile, the US Department of Agriculture released its weekly crop status report after market hours for the week to August 18. The latest report showed a drop in “good” ratings of the 15 cotton-growing states to 41% from 47% a week ago, while the “excellent” rating too slipped to 8% from 9% the previous week. The “poor” rating saw an increase to 13% from 9%, while the “fair” rating increased marginally to 36% from 34%.

The crop quality report could lead the December contract to re-test the 60 cents levels at higher levels on Tuesday.

(Commoditiescontrol Bureau)

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