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ICE Cotton Rises To 8-Month High Ahead Of WASDE report

10 Jan 2020 8:02 am
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Mumbai (Commodities Control) – ICE cotton futures rose more than 1% to an eight-month high on Thursday, as investors remained bullish ahead of the U.S. Department of Agriculture's monthly crop supply and demand report.

Cotton contracts for March rose 73 points to close at 70.69 cents per lb .It rose to 70.85 cents earlier in the session, the level last seen on May 10. May 20 Cottons settled at 71.86 cents, up 76 points. July cotton ended at 72.83 cents, up 79 points.

The Cotlook A index was down 25 points for 01/08, is at 78.50 cents. FSA’s weekly adjusted world price of cotton was increased 45 points to 60.08 cents/lb, the previous update was an increase of 78 points.

Commodity Traders await the crop report. They estimate U.S. cotton production to be going down by a couple of hundred thousand bales Meanwhile, the swing, they say is more supply oriented than demand because the demand may stay pretty steady, but if supply goes down, that is going to be helpful.

The USDA's monthly World Agriculture Supply and Demand Estimates (WASDE) report is due on Friday.

Cotton producers intend to plant 12.082 million acres of cotton (upland and ELS combined) in 2020 according to the annual Cotton Grower Acreage Survey. If realized that would be a 12% drop from the 13.72 million acres (subject to USDA revision on Friday) planted in 2019, and the lowest since 2016.

The USDA's weekly export sales report will also be issued on Friday, after being delayed by a day due to adverse weather conditions.

Elsewhere, the Chinese commerce ministry confirmed that a trade delegation led by Chinese Vice Premier Liu He would be visiting Washington next week to sign a Phase 1 trade deal.

Total futures market volume fell by 8,612 to 25,353 lots. Data showed total open interest fell 739 to 235,866 contracts in the previous session.

Certificated cotton stocks deliverable as of Jan. 8 totaled 8,890 480-lb bales, down from 8,970 in the previous session.

Support and Resistance for Cotton #2 lies at 69.08 cents and 71.66 cents, respectively.

(By Commodities Control Bureau +91-22-40015502)

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