Expert Analysis: ICE Cotton Futures Rose Again On The 5 Th
ICE cotton futures rose 5 days ago.
Investment
People are strong in the peripheral market and related to China.
Cotton mill purchase
Sporadic rumors of buying cotton encouraged.
On October 5th, ICE cotton futures closed higher on the 5 th, and the market was temporarily traded at a price of $1 / pound shortly before a slight fall, the first time since 1.
Prices had steadily declined from the 15 year high, as market participants made profits and withdrew from the market.
Analysts said that since the sellers left, the market would go up with the support of new purchases.
The US Department of agriculture will announce output reports on 8 th, and the market is likely to make a narrow turnover before 8 days.
ICE cotton futures closed up 0.73 cents in December, closing at 98.56 cents / pound.
Mike Stevens, independent cotton analyst at Mandeville in Louisiana, said today
market
It is mainly driven by the weakening of the US dollar and the strong external market.
He said that if investors did not buy commodity futures in full to provide support for cotton prices, prices would probably fall back.
Bill Raffety, an analyst at Penson GHCO, a commodity futures brokerage, said that rumors about some Chinese cotton mills buying cotton during the National Day holiday also provided support for the market.
Flanagan Trading Corp expects resistance to 98.65 cents / pound to 99.50 cents / pound, with support at 97 cents / pound and 95.80 cents / pound.
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