ICE Cotton Stands Near Six Months High, And Is Light Before Christmas.
Foreign news December 24th, Intercontinental Exchange (ICE) cotton Futures on Tuesday held near the six month high of last day, supported by optimism that China and the United States are likely to resolve trade disputes, while the market is slack on Christmas Eve.
The cotton futures contract rose 0.09 cents in March and the settlement price was 68.70 cents per pound.
On Monday, the contract rose to the highest level of 68.75 cents since June 5th.
"Historically, Christmas Eve is usually a low turnover day, and prices have risen in the past few days, mainly due to the devaluation of the US dollar and some encouraging news in trade," said Barry Bean, a buyer of cotton in Gideon, Missouri.
The market will be closed on Christmas day on Wednesday.
Cotton prices have risen by more than 6% so far this month, mainly driven by optimism in the Sino US trade talks. However, prices have fallen by nearly 5% so far this year.
Analysts and traders said cotton broke through the key supporting level, including the 100 and 200 moving average, which means that prices will go up further.
As of December 23rd, ICE can deliver 2. Stage cotton The contract stock dropped to 11699 bales, the last trading day was 12550 packs.
Cotton futures market volume fell 9389 to 15430 hands. Data show that total holdings increased by 3791 to 212619 hands on the previous day.
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