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ICE cotton futures edge lower amid weakness in outside markets

22 Jan 2022 7:49 am
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Mumbai, 22 January (Commoditiescontrol): ICE cotton futures edged lower on Friday amid weakness in outside markets.

Cotton contract for
Mar 22 closed at 120.75 cents, down 212 points, May 22 closed at 117.98 cents, down 169 points, Dec 22 closed at 98.85 cents, down 16 points.

The cotton market was sharply lower, as traders were depressed by a falling Dow Jones, as well as weaker energies, metals, and soybeans.

Even Friday's better-than-expected weekly shipments number did not stop the market from falling.

The U.S. Department of Agriculture's weekly export sales report on Friday showed net sales of 273,000 running bales (RB) for the week ended January 13 in the marketing year 2021/2022 starting August 1, down 32 percent from the previous week, but up 12 percent from the prior 4-week average.

Furthermore, the FOMC (Federal Reserve) policy meeting on Tuesday and Wednesday will be watched closely by traders next week. The Fed will also announce any changes to its monetary policy on Wednesday.

The majority of traders expect a series of interest rate hikes across 2022. Some fear, however, that too many increases will send the US economy into recession.

Support and resistance for Cotton# 2 lies at 119.99 and 122.20 cents, respectively.

(By Commoditiescontrol Bureau: +91-22-40015505)

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