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ICE Cotton up On Bullish WASDE Data

9 Nov 2019 8:56 am
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MUMBAI (Commoditiesontrol) – Cotton prices on the Intercontinental Exchange moved up as WASDE data released by USDA. For 2019/20 crop USDA has lowered its US and world production and closing stock estimates. Near month contracts were up by 37 to53 points while the far months contract were up 33to 42 points.

The most active December cotton contract ended up by 37 points at 64.72 cents per lb. Volumes in the December contract were sharply up at 35,657 compared with 29235 a day ago. The March 2020 contract ended up 53 points at 66.57 cents per lb. The July 20 contract was up by 33 points at 68.87 cents/lb. December March spread was at 185 points.

In its latest November report, the US Department of Agriculture (USDA) has scaled down its forecast for global cotton production in 2019/20 to 121.94 million bales (1 US bale = 218kg), compared to 124.77 million bales projected in October. World production is reduced by nearly 3.0 million bales.

US ending stocks are now 900,000 bales lower at 6.1 million bales. World ending stocks in 2019/20 are now forecast at 80.8 million bales, compared with last month's estimate of 83.7 million bales,

Market gave up some of the gains from intraday high on the reports that U.S. President Donald Trump said that he has not agreed to roll back tariffs on China.

World ending stocks in 2019/20 are now forecast at 80.8 million bales, compared with last month's estimate of 83.7 million bales, while the outlook for the U.S. ending stocks are now at 6.1 million bales compared with 7 million bales last month, the latest WASDE report showed.

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

(Commoditiescontrol Bureau)


       
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