ICE cotton mixed
Nearby months were trending between 6 points lower and 3 points higher by midday. December ’19 futures moved to gains early in the session, reaching an intraday high of 60.87 cents/lb (+54) just after 0200 GMT and remained near the top of its range for several hours. Selling picked up around 1120 GMT and the most active contract started it descent, falling to an intraday low of 60.20 cents/lb (-13). By 1505 GMT, December ’19 futures had moved off their low, but were trading near the bottom of a narrow 67-point range and down 6 points.
Representatives from both the US and China are continuing their meetings today in Washington, DC. News coming from the United States Trade Representatives office stated that there will be an exclusion on additional tariffs on more than 400 Chinese goods. Cotton futures trading from both ICE and China’s Zhengzhou Commodity Exchange had little to no response to the news.
Cotton futures on China’s Zhengzhou Commodity Exchange settled mixed overnight. By midday, the US dollar was trading higher, as well as corn while soybeans and wheat were trending lower.
Total open interest increased by 1,196 contracts to 231,987. December ’19 and March ’20 interest increased 687 and 466 contracts, respectively, to 137,463 and 59,493.
Certificated stocks were reported at 11,185 bales, unchanged from the previous session. There were no bales awaiting review and no bales reported in both cert stocks and CCC loan as of September 19.
Volume was estimated at 7,500 and nearby months were trading as follows by 1505 GMT: