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ICE Cotton Ends Slightly Down; US-China Trade Deal Possibilities Turn Bleak

21 Aug 2019 7:46 am
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MUMBAI (Commoditiesontrol) – Cotton prices on the Intercontinental Exchange ended marginally lower on Tuesday as traders continued to remain short on positions amid lack of any positive momentum on the US-China trade deal.

The most active December cotton contract ended down 0.2% at 59.14 cents per lb. Volumes in the December contract stood at 12,297 compared with 10,398 a day ago.


The US and China are scheduled to meet in September to discuss the trade deal further. However, with US officials linking the trade deal with the Hong Kong protests, traders expect the outcome for the deal to remain bleak.


Sunday, US President Donald Trump said, “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."


On Tuesday, Secretary of State Mike Pompeo told CNBC that it would be “more difficult” to reach a trade deal if the Honk Kong protests end “in a way that there was violence — the president said something like Tiananmen Square,” Pompeo said.


“I hope that the trade negotiations move forward and I hope that Hong Kong is resolved in a peaceful way. Those would be the best outcomes for both China and the United States,” Pompeo said.


Meanwhile, the unpredictable weather conditions in Texas also kept traders wary. While the weather continued to remain dry and hot, a spell of rainfall could bode well in the few cotton-growing areas.


Markets also seemed to overlook the US Department of Agriculture’s weekly crop status report on Monday 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 support and resistance for the December contract are seen at 58.92 cents and 59.50 cents respectively.

(Commoditiescontrol Bureau)


       
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