Mumbai (Commositiescontrol) - ICE cotton on-call sales in most active July contract reduced 7,260 contracts to 12,064 contracts. On-call purchases also decreased 1,016 contracts to 1,296 contracts during the week ended June 10, as per CFTC report.
However, ICE cotton on-call sales in December contract jumped 7,724 contracts to 28,008 contracts. On-call purchases increased 593 contracts to 16,207 contracts.
Cotton prices may trade sideways to positive in the coming sessions in July & December contract. The data showed that speculators squared-up their position in July contract and increased in December month contract. Only traders are holding their position in the spot (July) contract. Indian cotton is around 12 cents premium over ICE futures on Wednesday, which have prompted market players (hedge) to go long in ICE and create short position on MCX cotton (India).
Total on-call sales on all active futures increased 2523 contracts to 64,957 and total purchasers also increased their buying position by 90 contracts to 23,956 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.
Open interests in July futures reduced 30,571 to 51,100 contracts. Total open interest on all futures increased 6,514 contracts to 208,228 contracts. At the same time, open interest in December futures increased 31,291 contracts to 131,063.
(By Commoditiescontrol Bureau; +91-22-40015522)
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