March 16Th ICE Cotton Review: Macro Support For Cotton Market Warming

On Monday (3.16) ICE, cotton futures in the US futures exchange grew warmer, the US dollar was weak, the stock market and most commodities were strong, pushing up ICE cotton. Investors expected the supply of cotton to decrease and the market strong.

In May cotton gained 22 points, 43.05 cents per pound, and 9 points in July, at 43.95 cents a pound.

Cotton was slightly lower today, but it rose earlier in the morning, followed by strong shocks. In the afternoon of May, the contract reached the highest point of 43.57 cents.

The weakening of the US dollar releases more energy in the commodity market, and strong stock market indicates that the economic market will be more favorable and bullish.

SFS Futures Company analyst Mike Stevens said the 5 contract closed above 43.20 cents, indicating the end of a month long downward trend. Since February, the market price has broken through the 20-21 day average mobile line for the first time.

The closing price of 43.85 cents will determine the bottom of the market, which may stimulate many fund managers to change direction. The May contract may be pushed to 44.85-45.95 cents.

In this interval, cotton futures generally suffer from trade short energy, which is higher than the average world price of the US Commodity loan program, and the average world price determines that the loan is insufficient to pay.

Analysts expect the US Department of agriculture's March 31st report on crop planting intentions in the United States.

The exchange reported that on Friday, ICE cotton inventories increased by 406 (500 pounds) to 228342 gross packages, equivalent to ICE's weekly inventory and 545 registered inventory.

The exchange reported that on Friday, ICE's cotton empty volume increased by 1586 to 125112 of the total position.

The exchange reported that about 8391 hands were traded on cotton futures, about 1712 hands on call options and about 1009 hands on options.

Closing price range

Editor in chief: Xu Qiyun