ICE Cotton Is Likely To Fall Into A State Of Fluctuation Next Week Due To Profit Reduction.

Cotton futures for Intercontinental Exchange (ICE) fell lower on Friday, as profit from investment funds closed. Brokers believe that the market may be in the market range next week before the government announces an important crop report in August 12th.

Index December cotton contract CTZ8 fell 2.61 cents or 3.5%, closed at 71.89 cents per pound, intraday trading range of 71.50-74.93 cents.

At 1843GMT, the cotton trade volume in December was 17367.

Traders believe that the December cotton failed to close at 74.75 cents on Wednesday, destroying its rally. They think that the next sale may further lower the market next week. After that, market participants may adjust their positions to wait for the August 12th Ministry of agriculture's monthly supply and demand report.

In the longer term, industry analysts believe that cotton prices are rising, and supply is tight and inventories may decline.

Broker Flanagan Trading expects that the cotton contract in December will have a resistance level of 72.50 and 73.60 cents, with a supporting position of 71.65 cents.

Exchange data showed that the turnover was 7990 on Thursday. As of July 31st, the number of open positions increased by 1037 to 222053.