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ICE Cotton Ends Triple Digit Higher Tracking Strength In Equities; Eyes On WASDE

7 Apr 2020 8:25 am
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Mumbai (Commodities Control) – ICE cotton futures jumped as much as 5.6% to hit a more than one week high on Monday, helped by gains in the stock markets as coronavirus-related deaths and new cases slowed in some of the world's most affected countries.

The cotton contract for May settled up 207 cent at 53.05 cents per lb. The contract touched 53.86 cents per lb earlier in the session, a peak since March 26. July Cotton closed at 53.08 cents, up 210 points. October Cotton closed at 54.08 cents, up 202 points and December Cotton closed at 54.12 cents, up 204 points.

Experts believe if the USDA reduced export projection for U.S. prices could head southward. The U.S. Department of Agriculture's monthly supply and demand report is due on April 9.

Cotton prices dropped to their lowest levels since April 2009 last week and slid about 17% in March as virus fears dragged on the global economy and demand for the fiber.

Meanwhile USDA’s Crop Progress report showed cotton was 7% planted in the 15 states, compared to the 5% from the same week last year.

Reflecting investors' sentiment, cotton speculators increased their net short position to 24,131 in week to March 31, data from the U.S. Commodity Futures Trading Commission showed on Friday.

World stock markets jumped as the death toll from the virus slowed across major European nations, including France and Italy.

In New York State, Governor Andrew Cuomo said that despite an increase in the number of cases and deaths, a daily decline in number of new hospitalizations and other data suggest a possible plateau in the crisis.

However, the situation remained highly uncertain with the pandemic bringing business activities to a halt and putting cities in lockdown, prompting governments and central banks around the world to undertake unprecedented fiscal and monetary stimulus measures.

Certificated cotton stocks deliverable as of April 3 totaled 28,394 480-lb bales, down from 28,446 in the previous session.

Total futures market volume rose by 9,979 to 52,211 lots. Data showed total open interest fell 3,392 to 192,115 contracts in the previous session.

Support and Resistance for Cotton #2 lies at 47.52 cents and 56.62 cents per lb, respectively.

(Commodities Control Bureau)

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