ICE Cotton Fell 2.5% On The 14 Day, Or Further Lower.

2011/12/15 9:32:00 11

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ICE cotton fell 2.5% on the 14 day and was affected by the periphery.

Finance

The market is down, and the US Department of agriculture's supply and demand report is bad.

Analysts said cotton prices could go down further.

Intercontinental Exchange (ICE) cotton fell to a low level for 16 months on the 14 day, due to the low external market and weak fundamentals.

Global stock markets and the euro are falling, as the market increasingly worries about the high cost of borrowing in Italy, where the record is high, and the Fed has decided not to take any new measures to support economic growth.

ICE index fell 2.19 cents in March cotton, down 2.5%, at 85.12 cents / pound, trading in the range of 84.35 cents / pound to 87.42 cents / pound.

This is the lowest since mid August 2010 on spot charts.

According to Thomson Reuters preliminary data, 14 days trading volume of nearly 13100 hands, compared to 30 days mean low about 40%.

Independent cotton analyst Stevens (Mike Stevens) said.

Investment

The target of the March contract was set at 82 cents / pound, followed by 80 cents / pound.

The basic view of cotton was not supported by the USDA's recent supply and demand report.

The report predicts that cotton consumption in 2011/2012 is 111 million 340 thousand export packages, with a output of 123 million 420 thousand export packages, which is far higher than the consumption.

ICE data show that 13 days cotton

market

The open positions are 149446 hands and 12 days are 141120 hands.

ICE data also showed that 13 days volume was 11841 hands, the previous day was 10793 hands.