MUMBAI (Commoditiescontrol) - ICE cotton on-call sales in most-active July contract fell 3,506 contracts to 13,950 contracts. On-call purchases Slightly decreased 19 contracts to 5,140 contracts, as per CFTC report.
ICE cotton on-call sales in December contract rose 650 contracts to 20,097 contracts. On-call purchases increased 100 contracts to 11,422 contracts. On-call sales in March 2016 contract rose 1,062 contracts to 10,914 contracts. On-call purchases unchanged to 172 contracts.
Cotton prices may trade sideways in the sessions to come as ICE cotton futures total open interest reduced 5,595 contracts to 188,827 contracts.
Total on-call sales on all active futures decreased 1,104 contracts to 57,079 and total purchases Increased 507 to 23,774 contracts. Over all on-call sells seen moving sideways on ICE cotton.
On-call positions represent spot cotton sold to or purchased from a merchant, based out of New York cotton futures contracts of 500-pound bales. Prices are not yet fixed against these contracts.
Open interests in July contract on ICE futures was down 14,331 to 101,682 contracts. Total open interest on all futures decreased by 5,595 contracts to 188,827 contracts. On the other hand, open interests in December futures increased 7,897 contracts to 75,597.
Participants have been covering up their positions and open interest is decreasing, it is a sign that participants are covering their short positions.
However as per technical charts, the overall trading range is in band of 63-67 cents/lb for near-month futures and anything close beyond the range will decide the future course of price actions.
Ideally, crucial support is at 63 cents/lb and resistance is at 67cents/lb.
(By Commoditiescontrol Bureau; +91-22-40015534).
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