ICE Cotton Fell Slightly 13 Days After The Fall.
Intercontinental Exchange (ICE) cotton rose slightly on the 13 day, traders said, after falling for second consecutive days to 16 months low, buyers saw the value of investment.
Analysts pointed out that this week (December 17th week) market
Appear
A large number of sell-off, due to the USDA released monthly demand and supply report called demand reduction.
Independent cotton analyst Stevens (Mike Stevens) said, "these sales are still the follow-up impact of the USDA 9 day report, especially the report substantially cut global consumption expectations."
Stevens believes that the short term or horizontal trend of cotton futures may rise from current prices, but will eventually continue its downward trend.
He pointed out that the potential downward target is located at 80 cents / pound to 82 cents / pound area.
ICE cotton rose 0.15 cents in March, at 87.31 cents / pound.
Morning plate
It has seen 86.63 cents / lb, which has been on the charts for a long time since August 2010.
USDA expects cotton consumption to reach 111 million 340 thousand bales in the global 2011/2012 year, lower than the estimated 114 million 270 thousand packages in November, and USDA also estimates that the world's 2011/2012 cotton output will be 123 million 420 thousand bales.
ICE data show that the 12 day cotton market is not open yet.
contract
For 141120 hands, the turnover is 10793 hands on that day.
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