ICE Cotton Review: Good News For Sales And Planting
Thursday (2.26) ICE American futures exchange cotton Finally rebounded. US cotton out Strong sales, 2009 cotton The estimated planting area is reduced.
The most active May cotton 68 points higher, 44.24 cents per pound, the recent March contract closed 52 points, 43.08 cents per pound.
Cotton opened high today, but fell to a low of 43.66 cents in early trading. Market expectations US cotton exports Strong sales, high cotton prices, the highest point in the market rose to 44.90 cents.
The United States Department of agriculture also released the 2009 cotton planting prediction report. The planting area is expected to be 8 million 500 thousand acres, less than 9 million 470 thousand acres in 2008. In February, the national cotton Committee estimated that it was 8 million 110 thousand acres. After the cotton fell from a high level, the rest of the time started sideways, but the market closed.
Analysts say that the market will be in a horizontal position in the near future waiting for trade news.
According to one analyst, the market may not fall from cotton standpoint alone, but there is no reason for it to rise. The obvious shift of index fund popularity and the change of capital allocation. US dollar fall All these factors may push cotton up.
Cotton is mainly driven by its own fundamentals, and other market factors are also being used, according to one analyst.
Investors will be concerned about the US Department of agriculture's annual agriculture Outlook Forum on Friday, although stocks and commodities could also affect the direction of the cotton market.
An analyst said, though cotton Weekly sales volume is larger, but export volume is less, highlighting demand remains unstable.
The stock exchange reported Wednesday that ICE cotton daily inventory increased by 3622 (500 pounds) to 210580 gross packages, and 16440 bags to be registered.
The exchange reported that on Wednesday, ICE's cotton empty volume increased by 182 to 115746 of the total position.
The exchange reported that there were about 7891 hand to hand options trading, about 2744 hands on call options and about 1975 hands on put options.
Closing price range 03 months 43.08 +52 42.57-43.69 05 months 44.24 +68 43.66-44.90 07 months 45.60 +67 45.06-46.18 December 49.77 +53 point 49.49-50.42
Editor in chief: Xu Qiyun
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