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ICE Cotton Ends Firm Ahead Of US Weekly Export Sales Data

24 Oct 2019 7:26 am
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MUMBAI (Commoditiesontrol) – Cotton prices on the Intercontinental Exchange ended up ahead of the weekly US export sales data and amid hopes of a US-China trade deal.

The most active December cotton contract ended up 0.4% at 64.95 cents per lb. Volumes in the December contract stood at 12,477 compared with 17,911 a day ago. The March 2020 contract ended up 0.6% at 65.79 cents per lb.

The US Department of Agriculture will detail the weekly export sales data later today. Last week, the export sales data for the week ended October 10 which showed net sales for 2019-20 were up 9% on week at 206,500 RB and up 36% from the prior 4-week average.

Recently, US President Donald Trump had announced that China is likely to buy US agricultural goods worth $50 billion as part of the phase one of the trade deal.

Prices also gained as some traders covered their short positions in the run-up to the US-China trade deal negotiations with deputy level talks indicating a healthy progress.

Expectations of rainfall in Texas in the next few days is likely to slow down harvest in the region, according to weather forecasters, and thereby add to the rise in prices.

The USDA’s weekly report shows harvesting in the 15-cotton growing states picked up to 40% compared with 32% a week ago and 38% a year ago.

The support and resistance for the December contract are seen at 64.51 cents and 65.29 cents respectively.

(Commoditiescontrol Bureau)

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