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    Cotton Prices Close To Three Months High ICE Futures Are Ready To Go Up

    2019/3/14 9:52:00 1028

    Cotton PriceICE Futures

    ICE cotton futures rose more than 2% to close to three month highs on Tuesday, as investors expected a trade agreement between the United States and China, thus betting cotton futures will rise, while the weaker dollar further provides support for the market.

    The most active ICE cotton contract in May rose 1.65 cents, or 2.25%, and the settlement price was 74.85 cents per pound.

    The contract touched the highest level of 75 cents since December 21st.


    Rose Commodity Group research and Analysis Director Louis Rose said that the rise in cotton futures prices was aided by optimism in the US China trade negotiations and recent strong rumors in US cotton export sales.

    Rose said: "these factors may trigger some speculative shorts."


    On the morning of March 12th, members of the Political Bureau of the CPC Central Committee, vice premier of the State Council and Chinese leader of the Sino US comprehensive economic dialogue, Liu He, spoke with the US trade representative, Mr. lettchet, and finance minister Mnuchin. The two sides held concrete consultations on the key issues of the text, and confirmed the next work arrangement.


    On that day, the US dollar index fell by 0.3%, further providing support for cotton prices.

    The weakening of the US dollar has made the price of cotton and other dollar denominated goods lower for other currency holders.


    In addition, the recent India cotton exports to China, the market thinks India cotton inventory will further reduce, if according to the current export speed, later India cotton inventory will be sold out completely, and is earlier than the market expected, so once the Sino US negotiations reach an agreement, the US cotton exports to China will be more beneficial.


    With the sharp rise in prices, ICE futures technology graphics continue to be restored, the trend of the short line is upward momentum, which may attract more empty back and speculative buying, and the current number of empty heads has also created conditions for the later rise.

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