12.15ICE Cotton Futures Mildly Closed Up &Nbsp, Ending The "Three Down" Decline

2011/12/16 13:47:00 25

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ICE cotton (20625230.00,1.13%) futures rose moderately on the 15 day, ending the "three consecutive down" trend, which helped to buy at bargain prices.

However, in view of the weakness of fundamentals and technology, the trend of cotton futures in analysts' period is still empty.

Comprehensive media reported on December 15th, intercontinental

paction

(ICE) cotton futures rose moderately on the 15 day, but the downtrend may soon be resumed, with little support for Fundamentals and technology.

14, cotton fell to a low of 16 months and fell for third consecutive days. Despite the suspension of sales on Thursday, analysts said the price rally might not continue for a few days or fall again.

ICE index cotton rose 1.17 cents in March, or 1.37%, at 86.29 cents / pound, and the trading range was 86.71 cents / pound to 85 cents / pound.

The turnover in March amounted to 6610 hands.

Earlier, the US Department of agriculture (USDA) released a week's export sales data, showing that the current marketing phase cotton sold 55800 export packages, and the new product sold 82700 export packages.

Futures brokerage firm Penson Futures senior analyst Bill Raffety

Express

"I am worried about whether there will be some warehouse receipts cancelled."

Analysts pointed out that although many of the contracts have been sold, many have not been shipped, even if they were sold four or five months ago.

In addition, China reported that its cotton planting area decreased by 9% in 2012, because of the decline in cotton prices.

ICE data show that as of 14 days,

cotton

There were 146435 hands in the open market and 149255 hands on the 13 day, indicating that investors held a large number of short positions in cotton futures.

ICE data also showed that 14 days volume was 13094 hands, the previous day was 9863 hands.