ICE Cotton Harvest In The Past Three Weeks High, Due To Technical Buying.
Intercontinental Exchange (ICE)
cotton
Futures closed for nearly three weeks on Monday, and analysts said that the market could be further strengthened due to speculative buying and possibly consumer buying.
ICE index May cotton contract CTK2 rose 1.28 cents, or 1.43%, at 90.91 cents per pound, the highest closing price for index month contracts in March 7th, and the intraday trading range was 89.36-91.01 cents.
Thomson Reuters preliminary data showed Thursday
volume
Slightly higher than 20300, which is about 15% lower than the 30 day mean.
Technically speaking, the May cotton mobile average of 100 days is about 92.65 cents to reach.
Traders said that the kinetic energy of the rally might disappear later this week.
market
People will adjust their positions before the US Department of Agriculture announces concerns about planting expectations on Friday.
Another trader said that cotton in May had been strongly supported by 87 cents, as cotton mills and traders bought in the region.
ICE Futures U.S. data showed that as of March 23rd, cotton futures positions rose to 190909 consecutive twelfth trading days, the highest level since February 9th.
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