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ICE Cotton Rose, Thanks To A Weaker US Dollar And A Grain Market Rally.
Cotton futures on the ICE exchange rose on Monday, due to the weakening of the US dollar and the growth of the grain market, investors will extend their positions to the December cotton contract to further raise the price.
The most active December cotton contract rose 0.13 cents or 0.2%, and the settlement price was 65.69 cents per pound.
Intraday trading range is 65.57-66.27 cents.
Jim Nunn, the holder of Nunn Cotton, a cotton brokerage company in Tennessee, said: "the weaker US dollar has boosted cotton prices, and the growth of corn, wheat and soybeans has also led to a price rise."
The cotton contract in December has risen by about 2.4% after hitting the lowest $64.70 since July 2016.
In addition, the price of us grain futures rose early in the morning, and the market was worried about the damage of corn and wheat crops due to the prospect of rainfall. The rainfall forecast in the Midwest of the United States also caused the market to worry about the decline of soybean planting area.
The dollar weakened against a basket of currencies on Monday, and the US Federal Reserve may cut interest rates more than once this year. Tensions between Iran and the United States provide a safe haven for the yen.
ICE cotton is priced in US dollars. When the dollar is weakening, cotton prices are relatively affordable to investors holding non US dollar currencies, attracting investors like this.
The USDA report will be released on Friday. Nunn said that due to the adverse weather effects of cotton crops, the market is expected to reduce the planting area.
The US Department of Agriculture announced in its weekly growth report on Monday that the cotton planting rate in the United States was 96% in the week June 23, 2019, compared with 89% in the previous week, 99% in the same period last year and 98% in the five year.
The growth rate of cotton was 50% in the week, 49% in the previous week and 42% in the same period last year.
The total volume of futures market decreased by 5230 to 15712. Data show that the last trading day decreased by 413 to 175809 hands.
As of June 21, 2019, the ICE contract for delivery of cotton futures contract No. 2 was 99153 packages, the last trading day was 98414 packages.
The most active December cotton contract rose 0.13 cents or 0.2%, and the settlement price was 65.69 cents per pound.
Intraday trading range is 65.57-66.27 cents.
Jim Nunn, the holder of Nunn Cotton, a cotton brokerage company in Tennessee, said: "the weaker US dollar has boosted cotton prices, and the growth of corn, wheat and soybeans has also led to a price rise."
The cotton contract in December has risen by about 2.4% after hitting the lowest $64.70 since July 2016.
In addition, the price of us grain futures rose early in the morning, and the market was worried about the damage of corn and wheat crops due to the prospect of rainfall. The rainfall forecast in the Midwest of the United States also caused the market to worry about the decline of soybean planting area.
The dollar weakened against a basket of currencies on Monday, and the US Federal Reserve may cut interest rates more than once this year. Tensions between Iran and the United States provide a safe haven for the yen.
ICE cotton is priced in US dollars. When the dollar is weakening, cotton prices are relatively affordable to investors holding non US dollar currencies, attracting investors like this.
The USDA report will be released on Friday. Nunn said that due to the adverse weather effects of cotton crops, the market is expected to reduce the planting area.
The US Department of Agriculture announced in its weekly growth report on Monday that the cotton planting rate in the United States was 96% in the week June 23, 2019, compared with 89% in the previous week, 99% in the same period last year and 98% in the five year.
The growth rate of cotton was 50% in the week, 49% in the previous week and 42% in the same period last year.
The total volume of futures market decreased by 5230 to 15712. Data show that the last trading day decreased by 413 to 175809 hands.
As of June 21, 2019, the ICE contract for delivery of cotton futures contract No. 2 was 99153 packages, the last trading day was 98414 packages.
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