ICE cotton to the upside
Nearby months were trading between 40 to 128 points higher by 1333 GMT. December ’22 futures gained moderate ground early in the session, moving 43 points higher just after 0530 GMT. Resistance was met and the lead month started its downward path, losing ground over the next several hours with the most active contracts falling to an intraday low of 85.11 cents/lb (-139) around 1115 GMT. After the release of the US export sales report, buyers lifted the nearby month to an intraday high of 87.42 cents/lb (+92) and by 1338 GMT, December cotton had moved off its high and was trading up 53 points.
For the week ended November 3, US export sales of upland cotton for the 2022/23 crop year amounted to 145,800 running bales, which included cancellations for 13,200 bales. New sales for the 2023/2024 marketing year were reported at 11,400 bales. Upland export shipments during the week for the current season were reported at 108,100 running bales.
Cotton futures on China’s ZCE settled mostly higher overnight. By midday, the US dollar was trading higher, as well as wheat while corn and soybeans were trending lower.
Certificated stocks were last reported at 880 bales, unchanged. There were no bales awaiting review and no bales reported in both cert stocks and CCC loan as of November 9.
Volume was estimated at 9,100 and nearby months were trading as follows by 1338 GMT:
Dec ’22 | 87.03 | +53 |
Mar ’23 | 85.13 | +40 |
May ’23 | 84.89 | +110 |
Jly ’23 | 84.23 | +128 |
Posted in: Cotlook Headlines News
Leave a Reply
You must be logged in to post a comment.