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ICE Cotton Ends Slightly Up On US-China Trade Talks Developments

23 Oct 2019 7:29 am
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MUMBAI (Commoditiesontrol) – Cotton prices on the Intercontinental Exchange ended slightly up on Tuesday on expectations that a likely US-China trade deal could push up demand for cotton.

The most active December cotton contract ended up 0.2% at 64.67 cents per lb. Volumes in the December contract stood at 17,911 compared with 18,874 a day ago. The March 2020 contract ended up 0.1% at 65.42 cents per lb.

Prices gained after Reuters reported Tuesday that China had offered major local and international soybean processors tariff waivers on imports of up to 10 million tonnes of US soybeans. This led to expectations that demand for cotton too may pick up once the US-China trade deal goes through.

Monday, US President Donald Trump had expressed optimism over the trade deal, hinting at a possibility that it may be signed in November when the two leaders meet.

Tuesday, Chinese Vice Foreign Minister Le Yucheng said that China and the United States have achieved some progress in their trade talks lifting sentiment in the market.

Traders noted the strong harvesting report from the US Department of Agriculture released on Monday. The USDA released its weekly report which showed harvesting in the 15-cotton growing states picked up to 40% compared with 32% a week ago and 38% a year ago.

The “good” rating of the crop was at 33% compared with 30% a week ago, while the “excellent” rating remained steady at 8%. The “fair” rating of the crop slipped to 36% compared with 41% a week ago.

The December contract could face some resistance around 65.26 cent levels as of now.

(Commoditiescontrol Bureau)


       
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