ICE High Cotton Prices Will Rise Further.

Cotton futures for Intercontinental Exchange (ICE) closed higher on Friday, and brokers say speculation has been triggered by a strong tone in the financial markets.

Index ICE-12 months Stage cotton The contract CTZ2 rose 2.73 cents, or about 4%, and closed at 72.66 cents per pound. Thomson Reuters data showed that the contract was the highest in a month. The intraday trading range was 70.18-72.76 cents. This week, the contract rose 2.88%.

According to Thomson Reuters data, Friday's turnover was about 20700 hands, compared with the 30 day average of about 40%..

"Not because cotton The fundamentals, "Mike Stevens, an independent analyst in Louisiana, said," cotton is performing well because of strong external markets.

Global stock markets and oil prices rose after China's economic data eased fears of China's potential hard landing or further damage to global economic growth.

The euro strengthened against the US dollar for the first time in four trading days, as China's data encouraged investors' willingness to take risks and cut short bets on the euro.

The grain market is also boosted. Cotton price The most serious drought in grain growing areas in about 25 years has pushed up prices of corn and soybeans.

Stevens said that the December contract will go up further because of the 70-72.50/60 cents trading range that has fallen over the past few weeks.

Dealers said that macroeconomic factors will be the focus of the market, leading the next week's trading.

According to the data provided by the exchange, as of July 12th, the open positions increased for fifth consecutive days, reaching 172664 hands.

According to the data provided by ICE Futures U.S., the turnover is 16202 hands on Thursday.