ICE cotton futures closed higher for third consecutive day following weakness in US dollar Index.
Earlier this month USDA has released its monthly supply and demand estimation report for the month
of June. USDA kept supply and demand estimates almost unchanged compare to prior month with the
exception of a 1-cent decline in the season-average upland farm price, to 64 cents per pound.
Cotton prices are expected to trade on positive note today could move up further on lingering concerns
over delayed planting in central region. Deficit monsoon rainfall in major cotton growing states of India
is likely to keep sentiments up for cotton prices in near term. Monsoon rainfall for Gujarat was reported
at -21% of LPA wherein it was reported at Maharashtra and Telangana at -71% of LPA and -63% of LPA
respectively. Apart from that prices could track firmness in ICE cotton prices and likely to remain higher
in near term. Furthermore, release of weekly export sales data by USDA could be the crucial factor to
drive the prices today as major focus will be on amount of cotton imported by China. Expectation of ease
of trade tension between US and China is upcoming G-20 meeting prompting speculators to cover short
positions at futures platform.
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