Login ID:
Password:
Partner Login
Contact Us : 7066511911

ICE Cotton ends marginally lower amid thin trades

28 May 2022 8:40 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 28 May (Commoditiescontrol): ICE Cotton futures settled lower, led by December contract falling the most, as traders queue up for long liquidation ahead of extended week-end. The market will be closed on Monday in observance of Memorial Day but will reopen Monday night.

July cotton settled at 139.42 cents, down 1.19 cents, December closed at 122.95 cents, down 1.38 cents and March 2023 finished at 118.73 cents, 0.81 cent lower; estimated volume was 21,363 contracts.

Spot July breached the $1.40 mark for the first time in 21 days and, given that its delivery is pending in three weeks. The contract is expected to slide even lower on call fixation and long liquidation.

As of the close Friday, spot July was down 2.85 cents for the week, down 6.21 cents thus far the month, but still up 31.54 cents on the year.

For December, it continues to hang on the West Texas weather forecasts. Right now, the one- to five-day outlook shows no rain, while six- 10-day does allow better rain chances.

Meanwhile, ICE has reverted cotton futures daily price limit to 5 cents per pound effective from start of trade on Tuesday, May 31.

On wheather front, the U.S. Drought Monitor continues to show West Texas in its "extreme to exceptional drought" category. In fact, despite recent southwestern rains, northern Oklahoma and the Texas Panhandle have moved from abnormal dryness and moderate to "exceptional drought" ratings.

USDA’s weekly Cotton Market Review showed the 1,832 bales sold at spot this week averaged 137.47 cents/lb.

As per the CFTC's commitment of traders (CoT) report, the highly watched managed-money funds had reduced their net long position below the 70,000-contract mark.

The Cotlook A index was up 350 points on May 26 to 163.20 cents. USDA’s FSA reduced the week’s adjusted world price for cotton by 3.38 cents to 139.86.

Cotton #2 Jul'22 contract may find support at 138.32 cents and resistance near 141.26 cents.

(By Commoditiescontrol Bureau: +91-22-40015505)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   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
Cotton prices stay flat on limited demand by spinners
08 Aug 2022 19:00 ICE/ZCE Daily Rates Update
Cotton prices stay flat in MP on slow buying
Cotton prices unchanged in Maharashtra on weak mills d...
Cotton prices rule steady n Gujarat amid moderate trade...
more
Top 5 News
Cotton prices stay flat on limited demand by spinners
08 Aug 2022 19:00 MDEX/CBOT/DCE/ZCE Daily Rates Update
08 Aug 2022 19:00 ICE/ZCE Daily Rates Update
Cotton prices stay flat in MP on slow buying
Moong prices move higher at Jalgaon, Indore; Mill deman...
Top 5 Special Reports
Lemon Tur (Burma, Kyats) Trending Higher / Next Resis...
Castor Seed Plant (Deesa) Counter-trend Decline / Nex...
Rice Bran Refined Oil (Ludhiana) Weak Short-term Tren...
Week Ahead: CBOT soybean may see recovery on unfavoura...
Week Ahead: Moong unlikely to sustain at higher rates a...
Copyright © CC Commodity Info Services LLP. All rights reserved.