ICE cotton futures traded on weaker note as prices slumped on account of profit booking at higher levels.
Speculators trimmed long positions at July contract and impact of the same was seen as July
futures dropped by more than 3% on Thursday wherein Benchmark Dec contract settled the day at
66% down by 1.74% from the previous close. Moreover, reports of negative export sales during the
week ending 13th June also impacted market sentiments negatively.
US cotton production during year 2019-20 was estimated at 22 million bales of 480 lb each against the
consumption of 3.10 million bales wherein exports and ending stocks were projected at 17 million bales
and 6.40 million bales respectively. Cotton production is US during year 2019-20 is estimated to be
higher by 20% y/y wherein export is likely to increase by 15% y/y. Most active Dec delivery cotton
futures traded at ICE closed the session at 66.52 cent/lb up by 0.93% from the previous close.
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