Login ID:
Password:
Partner Login
Contact Us : 7066511911

ICE Cotton Mostly Firm; Uncertainty Looms Over US-China Trade Talks

21 Sep 2019 8:04 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (Commoditiesontrol) – Cotton prices on the Intercontinental Exchange ended mostly up on Friday as traders squared their overly sold positions ahead of the weekend but a sharp rise was limited as uncertainty loomed over the US-China trade deal ahead of its scheduled meeting in October.

The most active December cotton contract ended up 0.3% at 60.52 cents per lb. Volumes in the December contract stood at 11,629 compared with 12,733 a day ago. The March 2020 contract ended up 0.2% at 61.17 cents per lb.

Prices have dropped around 4% this week amid bearish sentiment due to lack of major demand and as China cancelled its export orders yet again as detailed by the US Department of Agriculture in its weekly export sales data on Thursday.

Ahead of the weekly crop progress and harvest report on Monday, some traders squared off their short positions.

Prices also inched up noting the rains and flooding in Texas, the largest cotton growing state, after the tropical storm Imelda made a landfall there damaging life and property.

Meanwhile, Chinese trade officials who had arrived in Washington to discuss trade ties with US officials cancelled their scheduled trip with US farmers and wrapped up their meetings earlier-than-expected.

This sudden change of plans led to uncertainty over the scheduled trade talks between the leaders of the two countries in October.

US President Donald Trump told reporters on Friday that he doesn’t need a trade deal with China ahead of the 2020 elections.

“I think people know that we’re doing a great job…China’s being affected very badly. We’re not, we’re not being affected,” Trump said, adding “we have, right now, a little spat (with China).”

Trump also brushed aside suggestions of a partial deal saying the US was looking for a “complete deal.”

The support and resistance for the December contract are seen at 60.19 cents and 60.86 cents respectively.

(Commoditiescontrol Bureau)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Base Metals – Zinc (LME) – Advancing Higher After a Dow...
Base Metals – Nickel (LME) – Wait for Emergence of Upsi...
Base Metals – Lead (LME) – Constructive Chart / Bullish...
Base Metals – Copper (LME) – Recent Strength a Positive...
Base Metals – Aluminium (LME) – Violation of Support at...
more
Top 5 News
Cotton Down In Gujarat On Higher Arrivals
All Origin Kabuli Chana Dips In Mumbai
Tocom/ Shangahi Rubber Price (PM) - 16 October 2019
Burma Tur Firm In Mumbai
Energy – Crude oil (Nov. ‘19) - Weak Chart Structure / ...
Top 5 Special Reports
USD/INR – Retesting a Major Resistance Zone (71.50 - 71...
USD/ARS & USD/BRL—
USD/CNY & USD/IDR
USD/MYR
USD/INR – Consolidating Between Support (Rs. 70.60) & R...
Copyright © CC Commodity Info Services LLP. All rights reserved.