New York March 4Th ICE Cotton Futures Trading &Nbsp; Driven By Speculative Buying.

According to New York's March 4th news, the ICE cotton futures closed on Friday and reached a record high, providing support for the market due to speculative buying, insufficient supply and signs of strong global economic growth this year.

The May contract closed at $2.127 a pound, with a low intraday low of $2.064.

This week, index cotton (32890325.00,1.00%) futures rose 15.45%, the best week since December 5th, when cotton futures recorded a 19.3% weekly rise.

Preliminary data show that the turnover is about 22000 hands, which is about 30% lower than that of the 30 regular trading volume.

Broker logicadvisors.com senior cotton

Analysts say the market is still digesting the impact of Thursday's USDA's strong export sales report.

The US Department of Agriculture announced that last week, the US cotton sales volume was 411600 packs, far higher than the far Market Forecast of 200000-250000 packages, and the sales volume was 275100 packs the previous week.

Ron Lawson said that in view of the actual delivery status of cotton futures in May and July, it is possible to estimate cotton futures close to US $5 per pound.

Despite the rise in cotton prices, data showed that cotton was up to March 3rd.

Analysts believe that the high price of cotton is enough to compete with high grain prices, so that farmers can sow more cotton crops in the spring.

Analysts estimate that if cotton futures continue to rise, demand will begin to slow down.

But it is estimated that cotton futures prices will not fall until new cotton is listed in July. Unless cotton prices rise to affect demand, Alok Industries and other cotton consumers have already taken measures to shift the upward pressure on costs.

The market will focus on the monthly report of supply and demand and the subsequent planting intention report released by the US Department of agriculture next week.