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ICE Cotton Futures Closed Down On The 6 Th, Traders Profit

2010/12/7 13:58:00 56

ICE cotton futures fell on the 6 day, and the market was dragged down by profits after last week's sharp rise.

Comprehensive media reported on December 6th, ICE cotton futures closed on the 6 day, after a sharp rise last week.

dealer

Profit making.

Last week's rise was supported by supply worries. The India government announced earlier that it would impose a ceiling on cotton exports.

Penson Futures's Sharon Johnson said, "I feel this whole rise is more technical.

The market has gone up too much. "

Traders said that the market was involved in speculative selling today, and the market fell for the first time in four trading days, but the volume was still moderate. The market was concerned about the government crop report to be released this weekend.

ICE cotton contract in March fell 1.91 cents, to close at 1.3043 U.S. dollars / pound, the paction range of 1.2803 to 1.3534 U.S. dollars per pound.

Three days before the cotton futures rose to limit limit, Reuters-Jefferies

CRB

In the index composition, second of the good varieties have risen by about 72% since the beginning of this year.

Since November 29th,

volume

It is about 50% lower than the 30 day mean.

Trading increased this week. Preliminary figures show that the turnover is about 25600 hands, compared with an average of about 36100 on the 30 day and about 30% lower.

Logicadvisors.com cotton expert Ron Lawson said, "the market is in the process of consolidation."

Traders say the cotton market will focus on the upcoming week's report on crop growth, which the US Department of agriculture (USDA) is about to announce, although most of the US cotton harvest has been completed.

China's cotton market has basically failed to give guidance on the trend of cotton futures.

The Zhengzhou Mercantile Exchange's cotton contract in May closed up 205 yuan, closing at 26910 yuan / ton on the 6 th.

Market participants will focus on cotton planting prediction in the spring of 2011, such as the United States and China.

Informa Economics raised the estimated US cotton planting estimate to 12 million 200 thousand acres in 2011, a four year high and 12% higher than the 10 million 909 thousand acre sowing area in 2010.