ICE Cotton Futures Closed On The 22 Day

ICE cotton futures closed for 22 days.

Integrated media reported on November 22nd that the 22 day closing of the Intercontinental Exchange (ICE) cotton was driven by the spread of price differentials, and analysts said that the weakness of the macroeconomic outlook would make the cotton contract on the defensive.

On the 22 day, the global stock market was down. Previous data showed that the US GDP quarter annualized rate in the third quarter was revised down and not as expected, while the euro fell against the US dollar because investors avoided risks.

ICE index cotton fell 0.86 cents in December, closing at 89.95 cents / pound, with a trading range of 87.50 cents / pound to 90.75 cents / pound.

The most active trading in March

According to Thomson Reuters preliminary data, the total volume of turnover exceeds 22000 hands on the 22 day, less than 3% compared with the 30 day average.

Independent cotton analyst Stevens (Mike Stevens) said that "the late March forced the cotton contract to lift the key 91.25 cent / pound technology area, which may imply that the March contract is ready for consolidation."

Stevens pointed out that the December contract has fallen to the level that the delivery of its first delivery date "may not affect the market trend".

21 days in December, the contract was not open for 2999 contracts.

On the 22 day of closing, Cotton Traders thought that the unliquidated contract could drop to 500 to 1500.

The US Department of agriculture (USDA) released 17 weekly export sales report that China is a big buyer.

The next report will be released on the 25 th.

ICE data show that as of November 21st, cotton futures were not open for 137209 contracts, with 138160 hands on the previous day.