Home >
ICE Cotton Rose, Thanks To A Weaker US Dollar And A Grain Market Rally.
Cotton futures on the ICE exchange rose on Monday, due to the weakening of the US dollar and the growth of the grain market, investors will extend their positions to the December cotton contract to further raise the price.
The most active December cotton contract rose 0.13 cents or 0.2%, and the settlement price was 65.69 cents per pound.
Intraday trading range is 65.57-66.27 cents.
Jim Nunn, the holder of Nunn Cotton, a cotton brokerage company in Tennessee, said: "the weaker US dollar has boosted cotton prices, and the growth of corn, wheat and soybeans has also led to a price rise."
The cotton contract in December has risen by about 2.4% after hitting the lowest $64.70 since July 2016.
In addition, the price of us grain futures rose early in the morning, and the market was worried about the damage of corn and wheat crops due to the prospect of rainfall. The rainfall forecast in the Midwest of the United States also caused the market to worry about the decline of soybean planting area.
The dollar weakened against a basket of currencies on Monday, and the US Federal Reserve may cut interest rates more than once this year. Tensions between Iran and the United States provide a safe haven for the yen.
ICE cotton is priced in US dollars. When the dollar is weakening, cotton prices are relatively affordable to investors holding non US dollar currencies, attracting investors like this.
The USDA report will be released on Friday. Nunn said that due to the adverse weather effects of cotton crops, the market is expected to reduce the planting area.
The US Department of Agriculture announced in its weekly growth report on Monday that the cotton planting rate in the United States was 96% in the week June 23, 2019, compared with 89% in the previous week, 99% in the same period last year and 98% in the five year.
The growth rate of cotton was 50% in the week, 49% in the previous week and 42% in the same period last year.
The total volume of futures market decreased by 5230 to 15712. Data show that the last trading day decreased by 413 to 175809 hands.
As of June 21, 2019, the ICE contract for delivery of cotton futures contract No. 2 was 99153 packages, the last trading day was 98414 packages.
The most active December cotton contract rose 0.13 cents or 0.2%, and the settlement price was 65.69 cents per pound.
Intraday trading range is 65.57-66.27 cents.
Jim Nunn, the holder of Nunn Cotton, a cotton brokerage company in Tennessee, said: "the weaker US dollar has boosted cotton prices, and the growth of corn, wheat and soybeans has also led to a price rise."
The cotton contract in December has risen by about 2.4% after hitting the lowest $64.70 since July 2016.
In addition, the price of us grain futures rose early in the morning, and the market was worried about the damage of corn and wheat crops due to the prospect of rainfall. The rainfall forecast in the Midwest of the United States also caused the market to worry about the decline of soybean planting area.
The dollar weakened against a basket of currencies on Monday, and the US Federal Reserve may cut interest rates more than once this year. Tensions between Iran and the United States provide a safe haven for the yen.
ICE cotton is priced in US dollars. When the dollar is weakening, cotton prices are relatively affordable to investors holding non US dollar currencies, attracting investors like this.
The USDA report will be released on Friday. Nunn said that due to the adverse weather effects of cotton crops, the market is expected to reduce the planting area.
The US Department of Agriculture announced in its weekly growth report on Monday that the cotton planting rate in the United States was 96% in the week June 23, 2019, compared with 89% in the previous week, 99% in the same period last year and 98% in the five year.
The growth rate of cotton was 50% in the week, 49% in the previous week and 42% in the same period last year.
The total volume of futures market decreased by 5230 to 15712. Data show that the last trading day decreased by 413 to 175809 hands.
As of June 21, 2019, the ICE contract for delivery of cotton futures contract No. 2 was 99153 packages, the last trading day was 98414 packages.
- Related reading
June 28Th! Global Textile Network 19Th Anniversary Activities Are Good Manners!
|
2019/6/26 18:42:00
0
Bosideng Resumption Of Trading Increased By More Than 16% During The High Opening, And International Agencies Were Malicious In The Short Run.
|
2019/6/26 16:05:00
2
- Fashion character | 春寒料峭不怕冷 林依晨蕭亞軒裙裝上陣
- Enterprise information | Heng An Seven Wolves XTEP 3 Enterprises Won The First Quanzhou Municipal Government Quality Award
- 24-hour non-stop broadcasting | High Heeled Shoes Reflect The Economic Trend &Nbsp; High Heels This Year May Be High In Spring And Low In Autumn.
- Shoe Market | Weather Driven Sales &Nbsp; Hangzhou Snow Boots Sold 15 Million Pairs Last Year.
- 24-hour non-stop broadcasting | Scalpers Invade Group Buying: Rob Hot Commodities And Make Profits
- Analysis and research | Clothing Brand: Finding The Right Consumer Is The Key.
- brand building | 鄭州女褲努力打造褲行業(yè)中的“航母”
- Market trend | Rarely Seen In Yantai Children'S Clothing Brands
- Instant news | The Export Advantage Of Chinese Garment Enterprises Is Still Obvious.
- Market trend | 洋品牌紛紛進(jìn)入我國皮鞋市場
- Business Forecast: Keqiao Textile Price Index Runs Steadily Last Week.
- Ji Lu Yu: Stimulated By The Positive Signals To The Textile Market, The Whole Market Has Stopped.
- 2019 The First China Textile Industry Internet Summit Forum Was Held In Shaoxing, Zhejiang.
- Early Spanfer To Vietnam, "Virginia" Now Enjoys The Advantage.
- In The First 10 Months Of This Fiscal Year, Pakistan's Textile Exports Grew By 2% Over The Same Period Last Year.
- June 28Th! Global Textile Network 19Th Anniversary Activities Are Good Manners!
- Just So! This Enterprise Is Willing To Change Its Name In Order To Hit The Bottom With Pure Cotton.
- Bosideng Resumption Of Trading Increased By More Than 16% During The High Opening, And International Agencies Were Malicious In The Short Run.
- The Factory Likes Five Reasons For Using Dust-Free Cloth.
- How Should Enterprises Choose Advertising Shirts?