8.11ICE Cotton Review: Narrow Fall On The Eve Of The Report

Monday (8.11) ICE cotton futures market closed down narrowly. The US Department of agriculture is about to release a report on Tuesday.

The most active December contract fell 43 points, at 68.74 cents per pound, and 53 points in October, at 66.72 cents a pound.

In December, cotton was slightly opened and trading volume shrank.

The highest touch was 69.50 cents, but it suddenly dropped, breaking down 69 branches, and then fixing some of the losses.

Since then, the market has been sliding down slowly to the lowest point of 68.54 cents.

Some of the declines were recovered before closing, but still on the line.

On the eve of the US Department of agriculture's output and supply and demand report, the market is neurotic and investors are adjusting their positions.

The August report will be released at 8:30 on Tuesday morning.

Analysts expect that the US Department of agriculture will slightly increase the estimated 2008-09 cotton production in the United States.

The report will formally estimate the harvest area and yield per unit in the United States for the first time, and will also assess the planting area.

In addition, world production, consumption and end inventory will indicate the supply and demand of cotton, and supply and demand will determine cotton prices.

Analysts said the December cotton market price was below 69 cents, which confirmed that the December contract could test 67 cents.

On Friday, ICE's daily stock of cotton was reduced by 44588 480- pounds to 1 million 670 thousand packets and 1935 bags to be registered.

Cancel the order total of 45877 bales.

The exchange reported that Friday's ICE cotton empty volume position decreased by 1368 to 217684.

The exchange reported a turnover of about 8337 hands in cotton futures.

Option trading, call option is about 6578 hands, put option is about 5341 hands.

Closing price range

October 66.72 -53 point 66.55-67.25

December 68.74 -43 point 68.54-69.40

03 months 74 -36 73.81-74.47