Investors Cut Positions And Cotton Futures Fell.
According to New York June 28th, cotton (16825,35.00,0.21%)
futures
Monday fell, as investors lowered their positions before the US Department of agriculture's report on planting this week and the weather is conducive to the growth of cotton crops in the United States.
In the external market, crude oil prices go down and so on.
Market pressure
。
NYBOT cotton contract in July fell 0.23 cents, or 0.3%, at 84.49 cents a pound.
Cotton fell 0.46 cents or 0.6% in December, at 78.45 cents a pound.
In describing the lack of energy trading in the cotton market, First Capitol Group's cotton expert Sharon Johnson said, "this is the summer dog days.
"
She said many market participants were waiting for the annual report of the US Department of agriculture on Wednesday.
Analysts believe that the US cotton planting area will reach about 10 million 850 thousand acres in 2010, reaching a three year high level, benefiting from higher prices and near perfect weather to boost cotton production.
Cotton futures are also under pressure due to falling crude oil prices, but the turnover is very light.
The market will digest the US Department of agriculture's weekly crop growth report on Monday.
The report was released on 2000 GMT.
Flanagan Trading Corp said cotton contract resistance in December was 78.80 and 79.65 cents, with support at 77.90 and 77 cents.
Cotton futures held on Friday
Warehouse volume increase
499 hands, a total of 164397 hands.
According to dealer data, as of 1830 GMT, volume is expected to be 11260 hands.
In options, there are about 1087 call options and 1369 put options.
Below is the closing price:
Closing trading range
July 84.49 -0.23 84.41-84.94
December 78.45 -0.46 77.67-79.30
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