Login ID:
Partner Login
Contact Us : 7066511911

ICE Cotton Prices Fall; U.S.- China Trade Tension Sours Post Holiday Mood

30 Nov 2019 6:43 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiesontrol) – ICE cotton futures slipped on Friday in thin-volume trade a day after the U.S. Thanksgiving holiday due to uncertainty over a trade deal between the United States and China weighing on investor sentiment.

Cotton contract for March settled down 0.45 cent, or 0.68%, at 65.36 cents per lb. It traded within a range of 65.11 and 65.78 cents a lb.

December 2020 closed at 66.84 cents, down 0.80 cent. Estimated volume was 15,345 contracts.

This is indicative of the fact that the cotton market clearly ignored a very welcome weekly sales and export number. The U.S. Department of Agriculture in its weekly export-sales report showed net sales of 281,500 running bales (RB) for the 2019/20 marketing year, up 24% from the previous week and up 33% from the prior four-week average, for the period ended Nov. 21.

Although, for the week, March cotton managed to go up 0.51 cent, and for the month of November it was off 0.52 cent. So far for the year, March cotton is down 8.90 cents. Friday, spot December finished at 64.40 cents, down 0.51 cent.

Market experts attribute zero progress over the Trade front between the U.S and China as the reason behind slide in cotton prices. U.S. President Donald Trump signed legislation on Wednesday that threatens sanctions for human rights violations on China, while China on Thursday threatened to retaliate.

The natural fiber has fallen over 11% so far this year on the backdrop of the protracted trade war between the United States and China.

Traders are unhappy about their cotton deals with China not being shipped due trade war scenario.

Total futures market volume fell by 2,612 to 14,204 lots. Data showed total open interest gained by one to 199,012 contracts in the previous session. Certificated cotton stocks deliverable as of Nov. 29 totaled 83,666 480-lb bales, up from 78,124 in the previous session.

Support for March contract is 63.75 cents/lb and resistance is 67.15 cents/lb.

(By Commoditiescontrol Bureau)

  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  

Top | Post Comment  

Latest Market Commentary
ICE Cotton Dips Sharply On Fall In Crude, Equities; Ey...
India's 2019-20 Daily Cotton Arrivals Up 40.7% Y/Y At 2...
Cotton Prices Rule Firm In Central, South India
Cotton Complex Cotton No. 2 (COT) Requires a Breako...
Cotton Prices Up In North India On Positive Global Cues...
Top 5 News
Data/Events To Watch (GMT) 24th January
Comex Gold Eases After WHO Says China Virus Not A Glob...
ICE Raw Sugar Retreats From 2-Yr High As Oil Dips; Firm...
ICE Cotton Dips Sharply On Fall In Crude, Equities; Ey...
CBoT Soybean Slips to 1-Month Low As Traders Await Chi...
Top 5 Special Reports
USD/INR (Jan. 20) Testing Short-term Resistance near...
USD/INR (Jan. 20) Testing a Resistance Zone Near 71....
Urad Spot(Chennai INR): Bullish Breakout from a Base/ P...
Urad Spot(Burma USD): Appears Poised for More Strength/...
Mumbai Lemon Tur Spot: Consolidating in a Multi month R...
Copyright © CC Commodity Info Services LLP. All rights reserved.