China'S Cotton Market Is Concerned About Sino US Trade Negotiations

During the ICE period, cotton rose on Tuesday, and the market was concerned about the progress of China's trade negotiations between the largest cotton exporter and the largest cotton consuming country in the world.

The most active March cotton contract rose 0.3 cents, or 0.41%, and the settlement price was 74.15 cents per pound, with a trading range of 73.5-74.45 cents per pound.

JackScoville, vice president of PriceFuturesGroup, said, "the reason why people are waiting for a paction is either trade negotiations or export sales reports."

The market is currently waiting for a new round of trade talks between Chinese Vice Premier Liu He and US officials on Wednesday and Thursday.

US Treasury Secretary, Mr u, said Tuesday that significant progress is expected in the trade talks with Chinese officials this week.

"People are cautious about trade negotiations, and everyone is looking forward to the best results," JackScoville said.

The trade friction between the United States and China also led to the US's first decline in cotton exports to China in 2018.

The US Department of agriculture is expected to release a monthly report on crop supply and demand in February 8th after President Trump and members of Congress agreed on a temporary Appropriation Bill to end the partial shutdown of the US government.

The total volume of futures market increased by 10546 to 29668.

Data show that the previous trading day decreased by 91 to 230720 hands.

In January 28th 3F2019, the number of contracts for cotton Contract No. 2, which could be delivered to ICE, fell to 120309 packs, 120823 packs the previous day.