CAPITALSTARS WEDNESDAY COTTON FUTURES AGRI MARKET NEWS UPDATE 19 June 2019

ICE cotton futures extended its gains on Tuesday as prices moved up by 1.0%

  CAPITALSTARS INVESTMENT ADVISOR

Cotton market reacted positively on the US president Trump’s tweet indicating he had talked with China’s President Xi confirming the two will meet at the upcoming G-20 meeting. Most active Dec delivery cotton futures traded at ICE closed the day at 66.88 cent/lb up by 1.0%

Cotton prices could witness some intraday gains mainly due to the fresh technical buying. Prices have breached the crucial resistance level of Rs21950 per bales yesterday can see renewed technical buying at prevailing levels. Fundamentally, market is closely tracking the monsoon progress in interior part of the country as monsoon has been delayed so far in June. Growing concerns over delayed sowing in central region could support prices.USDA increased estimates for world inventory levels from 75.69 million bales to 77.26 million bales wherein it was increased up to 7.58 million bales compare to 7.23 million bales of prior month.

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