ICE Commented: Cotton Futures Ended Two Consecutive Days Of Gains And Losses As Investors Made Profits.
According to New York May 26th, Intercontinental Exchange (ICE) Cotton futures On Thursday, the two day ended in a fall, as investors gained profits. Brokers say the fund's beginning to roll up its position may further pressure the market.
ICE's new cotton futures fell 3.78 cents in December, at $1.2757 a pound, with a trading session of 1.27-1.315 dollars.
The most active ICE indicator in July, cotton contracts also fell 5 cents to $1.5103 a pound, with a trading session of 1.5075-1.5844 dollars.
Preliminary data show that
ICE cotton whole
The volume of volume is more than 18000 hands, which is only 3% lower than that of 30 days.
Mike Stevens, independent cotton analyst in Louisiana, said, "the July contract failed to rise by $1.59, and the December contract failed to rise to $1.31," which led to some profit taking in the market. "
On Thursday, Morgan Stanley raised its estimate of cotton prices in the future for 2010/11.
Cotton price
The estimate is raised to $1.43 from $0.78 per pound.
The bank's estimate of cotton price in 2011/12 has also been revised to $1 from the previous US $0.88 per pound.
Dealers said another reason for the pressure on cotton was the US Department of Agriculture announced last week that the total export volume of US cotton exports was 21 thousand and 800.
Data released on Thursday by the US Department of agriculture (USDA) showed that in the week ending May 19th, the United States sold 33 thousand cotton exports in the current market year and 29 thousand and 300 new sales.
In addition, statistics released by the US Statistical Bureau show that the US cotton mill consumption in April was 266209 bales.
Severe drought damages cotton crops in Texas, the largest cotton growing state in the United States, which provides support for cotton in the period.
According to the data provided by the Intercontinental Exchange, as of May 25th, cotton turnover was 21654 hands.
According to the data provided by the Intercontinental Exchange, as of May 25th, the cotton futures market was closed to 154764 hands.
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