ICE Cotton Rose Slightly On The 22 Day

Intercontinental Exchange (ICE) cotton rose slightly on the 22 day, as retail investors bought the market, analysts said the market was in a range of volatility and trading was light, with most investors on holiday for Christmas and new year.

ICE index March cotton Closing up 0.40 cents, 87.24 cents / pound, and the trading range is 86.60 cents / pound to 87.44 cents / pound. The 21 day trading range is 86.26 cents / pound to 87.38 cents / pound. Over the past few trading days, the contract has fluctuated in the range of 85 cents / pound to 88 cents / pound.

According to Thomson Reuters preliminary Data show that the turnover is slightly higher than 4500 hands, which is more than 3/4 lower than the 30 day average.

Technically, the March contract has risen by nearly 87 cents per pound of the 10 day moving average, which may push part of the buying. Market participants now see the 20 day moving average 89.31 cents / pound.

On the basic level, concerns about the debt and budget crisis in Europe and the United States will reduce the use of cotton, resulting in weak demand and struggling the cotton market.

The US Department of agriculture (USDA) has almost no export sales figures for a week. cotton What guidelines do contracts provide?

ICE data showed that the cotton market in December 21st was open at 150878 hands and 150183 on the previous day.

ICE data also showed that the total volume of US cotton futures was 8830 on the 21 day and 9136 on the previous day.