ICE Commented: Cotton Futures Rose &Nbsp, Driven By Speculative Buying.
According to New York March 7th, ICE
cotton
(33090525.00,1.61%) futures rose on Monday and were driven by speculative buying, but analysts said that after a further record of a record high in the cotton futures market, profits were dragged away and cotton was far from high.
Index May contract closed 1.44 cents, 2.1414 dollars per pound, the intraday trading range is 2.1313 to 2.197, the latter is the trading limit.
Preliminary figures show that the turnover is about 28400 hands, which is less than 10% of the regular trading volume on the 30 day.
However, the unliquidated contract data of cotton futures are not consistent with the uptrend of price innovation.
According to ICE Futures U.S. data, the 175284 open ended March 4th contract was only slightly smaller than the seven month low of 174074 hit by February 28th.
Distributor
Said cotton futures continued to rise, due to the supply of old contracts in May and July were very tight, but the new December contract has a big discount, as expected in 2011/12 cotton planting area will increase significantly.
Analysts said the fundamentals of the cotton market were still strong, supporting market conditions for stable demand.
They believe that the high price of cotton will help improve their competitiveness in the sowing area in the spring of 2011.
This week, the market will pay close attention to the US Department of agriculture's global cotton supply in the monthly supply and demand report.
consumption
Data.
After that, the market focus will turn to the March 31st crop prediction report issued by the Ministry of agriculture.
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