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ICE Cotton Ends Down Amid Uncerainites Over US-China Trade Deal

2 Nov 2019 8:36 am
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MUMBAI (Commoditiesontrol) – Cotton prices on the Intercontinental Exchange ended down amid uncertainties about US-China trade deal and expectation that harvest pressure will increase from here on once the weather gets normal in the US cotton belt.

The most active December cotton contract ended down 21points at 64.46 cents per lb. Volumes in the December contract picked up to 24,411 compared with 13,548 a day ago. The March 2020 contract ended down 24 points to 65.64 cents per lb. December /March spread was at 118 points.

US cotton harvesting is expected to pick up in coming days which will lead to fresh selling pressure in the market and possibility of fresh demand can only come from China once US-China phase one deal is signed till that time market is likely to remain subdued.

Next week market will be looking for crop progress report on Monday and export sales data on Thursday .But most important data will be monthly demand-supply numbers which will be released on Friday. As per some trade participants USDA has overestimated current crop numbers and may revise down production numbers.

In the short-run market direction will depend on US-China trade deal and USDA WASDE report which will be released on Monday.

Support for December contract is 63 cents/lb and resistance is 66cents/lb

(Commoditiescontrol Bureau)


       
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