12.13ICE Cotton Rose Slightly &Nbsp, After Hitting 16 Months Low For Two Consecutive Days.
According to New York's December 13th news, the US cotton futures closed slightly higher on Tuesday, traders said that after falling for second consecutive days to 16 months low, buyers saw the value of investment.
They added that this week's market
Appear
A large number of sell-off, after the US Department of agriculture (USDA) issued monthly demand and supply report called demand reduction.
Independent cotton
Analysis
Mike Stevens said these sales were still the result of the subsequent impact of last Friday's report of USDA, especially the report's sharp reduction in global consumption estimates.
"
In March, the ICE rose 0.15 cents, or 87.31 cents a pound, to 86.63 cents earlier, the lowest in the charts since August 2010.
Stevens said that the short term or the trend of cross trend may rise from the current price, but will continue to decline.
He pointed out that the potential downward target is located in the 80-82 cent region.
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 141120 hands on the cotton market on Monday.
Intercontinental Exchange data showed that turnover was 10793 hands on Monday, which is basically the same as yesterday's standard.
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