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Cotlook 'A' Index 116.00 (-0.50) 14:30 GMT 3rd Dec, 2021

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ICE cotton under pressure

 

Nearby months were trading between 91 to 110 points lower by 1232 GMT. December ’21 futures opened lower (-31) and quickly reversed course, reaching an intraday high of 111.35 cents/lb (+62) by 0200 GMT. Sellers moved into action causing the lead month to fall back to negative territory, eventually dropping to sharp losses and to an intraday low of 108.41 cents/lb (-232) around 0720 GMT. By 1232 GMT, the spot month had moved off its low and was trading down 100 points.

 

For the week ended October 14, US export sales of upland cotton for the 2021/22 crop year amounted to 392,200 running bales (China 272,800) and cancellations were reported at 400 bales which amounted to a net figure of 391,800 bales. For the 2022/23 crop year, new sales were reported at 63,900 bales. Upland export shipments during the week for the current season were reported at 117,400 running bales.

 

Cotton futures on China’s ZCE settled higher overnight. By midday, the US dollar was trading higher while corn, soybeans and wheat were trending lower.

 

Volume was estimated at 9,200 and nearby months were trading as follows by 1232 GMT:

 

Dec ’21 109.73 -100
Mar ’22 107.53 -110
May ’22 106.73 -91
Jly ’22 105.74 -95

Posted in: Cotlook Headlines News


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