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ICE Cotton Ends Sharply Up Ahead Of Weekly Export Sales Data

22 Aug 2019 8:19 am
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MUMBAI (Commoditiesontrol) – Cotton prices on the Intercontinental Exchange ended sharply higher on Wednesday as some traders covered their short positions ahead of the weekly export sales data.

The most active December cotton contract ended up 1.4% at 59.94 cents per lb. Volumes in the December contract stood at 13,523 compared with 12,297 a day ago. The March 2020 contract ended up 1.0% at 60.66 cents per lb.

With the uncertainties lingering over the US-China deal, traders had gone overly short on positions in the last few days. The US Department of Agriculture will detail their weekly export sales data later today.

Last week, prices touched a two-week high following the encouraging weekly sales data. In the week to August 8, weekly export sales for 2019-20 were 329,100 RB despite the absence of Chinese purchases.

Meanwhile, traders will also look out for cues on the US-China trade deal even as uncertainties loom over it after the US linked the trade deal outcome to the Hong Kong protests.

Prices also gained as the southern regions of the cotton-belt, including Texas, continued to reel under the hot weather.

A strong export sales data could lift the December contract to around 60.40 cent levels, while a weaker-than-expected sale could push it lower to around 59.08 cent levels.

(Commoditiescontrol Bureau)

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