ICE Cotton Fell 6 Cents On Tuesday For Three Consecutive Days.

According to New York's November 23rd news, ICE cotton (25515, -50.00, -0.20%) futures fell for 6 days on Tuesday for three consecutive days, trading limit for the largest three days in more than 15 years. Tensions on the Korean Peninsula and euro zone debt quicken the market's recent record highs.

In recent weeks, cotton has been hit hard, and investors are increasingly worried that China or radical measures to curb inflation at a 25 year high, including raising interest rates, may restrict domestic demand for commodity demand, or draw liquidity from domestic markets with bubbles.

Index ICE3 cotton contract fell 6 cents, hitting limit or 5.1%, at $1.1179 per pound.

Cotton is the worst performing product on Tuesday's Reuters-Jefferies CRB index.

Spot contracts in December dropped to 11.05 cents in light trading, because the contract was no longer subject to price rises or stops after entering the delivery notice period on Tuesday.

Global stock markets are all down. dollar The rise was triggered by tensions on the Korean Peninsula, which prompted investors to withdraw from risky assets while Ireland's debt crisis worries the euro.

Bill Raffety, a senior analyst at Penson, a futures brokerage firm, said: "the market has gone too far. Finance Market conditions and more clearance operations result in price pressure. "

"On the basic level, I think there is no change," Raffety said in the reference to cotton futures. There is a lot of profit taking. "

The cotton contract in March has fallen by 26% from a record high of $1.5195 a pound this month.

First Capitol Group cotton expert Sharon Johnson said the market failed to hold the support position at $1.1320 in the 50% position of the 1.1273 place in the Fibonacci return position and 50 days mobile average, suggesting that the market will further decline.

China Zhengzhou commodity futures exchange index May cotton contract fell 1225 yuan RMB It is quoted at 25225 yuan per ton.

　 Johnson predicts that the new support level will be around $1.03 in the 60% Fibonacci shift.