MUMBAI (Commoditiescontrol) - ICE cotton on-call purchases in the most-active December contract down 1,191 contracts to 13,330 contracts. While, on-call sales increased 1,031 contracts to 23,489 contracts as of 19th June, 2015.
ICE cotton on-call sales in July contract fell 5,851 contracts to 1,894 contracts. On-call purchases decreased 1,413 contracts to 2,120 contracts.
As far as trend in prices this week is concerned, prices maintained sideways movement. Speculators have raised their positions in the sales and reduced position in purchased contract. Open interest in December futures surged by 12,460 to 139,979 contracts, it fell by 24,652 to 6,048 contracts in near July month.
Cotton prices may trade sideways in the next coming sessions considering shifting of speculators to December month contract from July. July month has turned into a non-commercial month, wherein speculators exit a contract, with only traders participating in a session.
Prices may primarily move depending on the factors such as U.S. crop progress, dollar movement, crude oil prices and China's state reserve release policy.
Total on-call sales on all active futures reduced 1,193 contracts to 57,837 and total purchases reduced 2,588 to 23,170 contracts.
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.
(By Commoditiescontrol Bureau; +91-22-40015522)