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ICE Cotton Ends Mixed Ahead of US Export Sales; Trade deal Uncertainty

15 Nov 2019 8:53 am
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MUMBAI (Commoditiesontrol) – Cotton prices on the Intercontinental Exchange ended mixed ahead of export sales report and trade deal uncertainty . Near term contract were marginally up while far month contracts closed down.

The most active March cotton contract ended up 03 points at 66.08 cents per lb. Volumes in the March contract were down at 24,416 contracts compared with 25701 contracts a day ago. The December contract ended up 05 points at 64.27 cents per lb. The July 20 contract was down by 08 points at 68.29 cents/lb. December March spread was at 181 points.

The market traded in a very tight range throughout the day most active March contract moved in a range of 6 points throughout the day.

Market sentiments were affected after Meanwhile, China's Commerce Ministry said canceling tariffs was an important condition for reaching a trade agreement, a day after U.S. President Donald Trump threatened to ramp up tariffs on Chinese goods if the countries failed to reach a deal on trade.

But again later in the day White House economic adviser Larry Kudlow said that the United States and China are getting close to a trade agreement citing what he called very constructive talks with Beijing about ending a 16-month trade war.

Today market will be looking at export numbers which will be released one day delayed. Market is expecting export numbers to be robust and exceed the weekly pace required to achieve USDA’s yearly export numbers.

In short term market direction will depend on development in US-China trade talks and export numbers.

Support for March contract is 65.5 cents and resistance is at 67.15 cents/lb.

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