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Most ICE Cotton Contracts Moved Lower On Friday On Weak Sales Report

22 Feb 2020 8:53 am
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Mumbai (Commodities Control) - Cotton futures moved 37 to 40 points lower in the near month contracts, however March cotton closed Friday’s session with an 18 point gain. March futures were up 146 points wk/wk.

Most active May contract Cotton #2 closed at 69 cents, down 37 points. July Cotton closed at 69.84, down 40 points and October Cotton closed at 69.24, down 40 points.

The USDA released Export Sales data for the week ending 13th February, showing 235,302 RBs of upland cotton sold on the week. That is 32.94% lower than last week’s sales, and 30 percent from the prior 4-week average. Although, 44.48% higher than the same week last year. The report also showed 141,240 RBs of new crop cotton were sold on the same week, which is 425.08% more than the same week last year.

The Export Sales report had upland cotton shipments for the week ending 13th February at 357,681 RBs to put MYTD shipments at 6.243m RBs. That is 1.239m RBs, or 24.76%, more than this time last year.

China was the destination for 46,365 RBs, or 12.34% of the total. Accumulated shipments to the PRC are 710,359 RBs, which is 32.64% higher than last year’s pace, the country accounts for 11.38% of total MYTD exports.

Meanwhile USDA Agricultural Forum on Friday in projected 2020 cotton acres to be about 12.50 million. That number was 300,000 acres below the recent NCC survey of 12.80 million. Nonetheless, the market is “infected” with coronavirus, and refused to trade higher.

The U.S. dollar took a lower turn on Friday. It had been on a sustained rally for nearly 2.50 basis cents since its posted Dec. 31 low. To that end, the Yuan has been running a 7-to-1 relationship versus the U.S. dollar, which, generally speaking, is not a good sign for U.S. commodities.

Support and Resistance for Cotton #2 lies at 68.03 cents and 69.85 cents/lb, respectively.

(Commodities Control Bureau)

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