ICE cotton mostly lower
Nearby months were trading between 2 to 28 points lower 1212 GMT. July ’23 futures initially gained modest ground early in the session before falling under pressure and dropping to an intraday low of 86.46 cents/lb (-26) within the first 30 minutes. The spot month saw buyers return, lifting the most active contract back to higher ground and eventually to an intraday high of 87.25 cents/lb (+53) around 0740 GMT. The lead month traded to the upside until falling back under pressure just after 1100 GMT as a mixed tone ensued. By 1212 GMT, July cotton was trading down 2 points.
Cotton futures on China’s ZCE settled on strong gains overnight. By midday, the US dollar was trading lower, as well as wheat while corn and soybeans were trending higher.
Volume was estimated at 4,800 and nearby months were trading as follows by 1212 GMT:
| Jly ’23 | 86.70 | -2 |
| Dec ’23 | 83.76 | -13 |
| Mar ’24 | 83.39 | -23 |
| May ’24 | 82.90 | -28 |
Related Links- ICE No. 2 cotton settles modestly higher
- Hot, dry weather rules across US cotton belt; rain possible next week
- ICE cotton to the upside
- ICE No. 2 cotton settles on triple-point losses
- USDA pegs US output at 13.3 million bales and world production at 116.04 million
- Open skies and unseasonably warm weather rules across much of the US cotton belt
Posted in: Cotlook Headlines News
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