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ICE Cotton Ends Lower On Expectation Of Healthy Crop Progress

5 Nov 2019 8:34 am
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MUMBAI (Commoditiesontrol) – Cotton prices on the Intercontinental Exchange ended down on Monday amid expectations of a healthy progress in the weekly crop report and contract rollover by funds from December to March. A strong dollar also added to negative sentiment.

The most active December cotton contract ended down 0.88% at 63.66 cents per lb. Volumes in the December contract were at 24,129 compared with 24,411 on Friday. The March 2020 contract ended down 0.56% at 65.78 cents per lb.

Traders awaited the US Department of Agriculture’s weekly crop progress report amid expectations of a bumper crop this year. After the market close, the USDA detailed the weekly harvest data for the week ended Novemeber3. Data showed harvesting had improved to 53% compared with 46% a week ago and five year average of 51 %. But as per some trade participants harvest is almost 75% over.

Improvement in weather in The cotton-growing belt will improver the harvesting and add to some fresh selling on account of hedging by trade and given the fact that managed money’s short covering is almost complete and in fact last week they added to their short position in this scenario prices may face downward pressure.

This week market will be looking for any new announcement regarding the US-China deal and monthly demand and Supply report to be published on 8th November for further direction. Option expiry this week may add to volatility.

The support and the resistance for the December contract are seen at 63 cents/lb and 66 cents/lb respectively for now.

(Commoditiescontrol Bureau)

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