12.12ICE Cotton Was Closed At 16 Months Low &Nbsp, Rekindled By Eurozone Concerns.

2011/12/13 10:39:00 11

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According to New York's December 12th news, analysts said cotton futures closed at a 16 month low on Monday, dragged down by subsequent selling by investors, and triggered by recession in the euro zone debt crisis.

crop

The report is bad and keeps the market on the defensive.

ICE3 cotton fell 3.27 cents, or 3.6%, at 87.16 cents a pound, with a trading session of 87.06-90.84 cents.

This is cotton futures in recent months.

contract

Since the end of August 2010, the lowest settlement price has risen since then, and has risen to a record high of more than 2 US dollars per pound earlier this year.

The turnover was about 16800 hands on Monday, about 1/4 lower than the average of 30 days.

"This is a follow-up sale after Friday's weak closing," said Mike Stevens, independent cotton analyst.

"Cotton market has no chance," he said. Cotton futures are "extremely sensitive" to recession because the recession may sharply reduce cotton demand.

USDA expects global 2011/12 year

cotton

Consumption reached 111 million 340 thousand packs, down from 114 million 270 thousand last month; USDA also estimated that the world's 2011/12 cotton output was 123 million 420 thousand bales.

According to the exchange data, there were 141311 hands on the cotton market on Friday.

Intercontinental Exchange data showed that Friday's total turnover was 12058 hands, after a day of 7682 hands.