ICE Commented In November 22Nd: Cotton Futures Are Mixed, Focusing On December Contract Delivery.

According to New York's November 22nd news, cotton futures were driven by spreads on Tuesday. Ups and downs Different, analysts say, macro Economics Weak prospects will keep cotton contracts on the defensive.

Global stock markets fell on Tuesday, after data showed that the third quarter GDP annualized rate was revised lower than expected, while the euro fell against the US dollar as investors avoided risks.

Data released by the US Commerce Department on Tuesday showed the US GDP quarter ratio in the third quarter. The annual rate Revised to increase by 2%, analysts had forecast an increase of 2.5% and a rise of 2.5%.

Intercontinental Exchange (ICE) index December cotton futures fell 0.86 cents, 89.95 cents per pound, the trading range of 87.50-90.75 cents. The current most active March cotton rose 0.71 cents, at 91.12 cents a pound, with an interval of 89.33-92.10 cents.

Preliminary data show that Tuesday's total turnover exceeds 22000 hands, compared with the 30 day mean lower than 3%. Independent cotton analyst Mike Stevens said in the report that "the late March forced the March cotton contract to lift the key 91.25 cent technology area, which may imply that the March contract will be ready for consolidation."

He added that the December unliquidated contract had fallen to the delivery date of its first delivery notice until "may not affect the market trend".

On Monday, December, the contract was closed to 2999 hands. On Tuesday's close, Cotton Traders thought the open position could fall to 500-1500. Last Thursday, the US Department of agriculture (USDA) released weekly export sales report that China is a big buyer. The next report will be released on Friday. According to the exchange data, as of November 21st, the cotton futures open contract was 137209 hands, with 138160 hands on the previous day. Intercontinental Exchange data show that total turnover was 32919 on Monday.