ICE Cotton Futures Closed For 8 Days
ICE cotton futures
On the 8 day of the close, the cotton contract was boosted by business and investor buying, but in the US.
Integrated media reported on December 8th that Intercontinental Exchange (ICE) cotton futures closed on the 8 day, and brokers said the market participants were ready to meet the USDA report released on 9 and 10.
ICE March cotton contract closed up 1.58 cents, to close at 1.3195 U.S. dollars / pound, the paction range of 1.2642 to 1.3372 U.S. dollars per pound.
Other month contracts range from 2.60 cents to 0.89 cents higher.
Preliminary data show that turnover reached 24762 hands, compared with 30 days.
average value
The 35335 hand is about 1/3 lower.
Cotton is the best commodity in the Reuters -Jefferies commodity index, which has risen nearly 75% from the beginning of this year.
Analysts said the cotton futures contract was boosted by the combined role of business and investor buying.
China's cotton prices have not encouraged the market.
The China Zhengzhou Mercantile Exchange Index May cotton contract ended down 550 yuan, closing at 26360 yuan / ton.
Traders wait for the weekly export sales data and monthly supply and demand data released by the US Department of agriculture (USDA) respectively on 9.
The broker expects us cotton exports to sell at 30-40 bales, and last week released 636 thousand and 900 packets.
The market is also waiting for the monthly supply and demand report to be adjusted, especially if the report shows that supply will be more intense and may re ignite the rise of the cotton market.
In addition, market participants have shifted their focus to cotton planting expectations in the spring of 2011, such as the United States and China, which will focus on whether the two countries can produce more cotton.
Informa Economics raised the estimated US cotton acreage in 2011 to 12 million 200 thousand acres, a four year high and 12% higher than the 10 million 909 thousand acre sowing area in 2010.
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