User talk:Jayasuryasundar
COTTON NEWS
[edit]'New York - ICE Futures US cotton settled lower Monday in thin trade as the market couldn't shake early spillover pressure from Chicago grains.
Cotton is expected to take its cue from outside commodities, namely Chicago Board of Trade grains, as it awaits fresh news, traders said.
Most-active December futures settled 71 points lower at 79.40 cents a pound and the nearby July contract settled down 79 points at 70.88.
Most-active December cotton opened lower and failed to overcome resistance at 80.06 for the remainder of the session. Losses in early grains pulled cotton lower, said Keith Brown, principal of Keith Brown & Co. in Moultrie, Ga. The December contract hit the session low at 78.85 mid session and trimmed losses ahead of settlement as grains gained upside momentum. Cotton closed lower on the day.
The market is somewhat lethargic and awaiting new fundamentals to give prices direction, an analyst said.
"Cotton's just sitting there, basically," said Jeff Driver, analyst at Iamhedged.com, a brokerage firm in Memphis. Futures will depend on outside markets for direction and may see some influence from Thursday's weekly export sales, Driver said. On June 30, the U.S. Department of Agriculture will release a revised acreage estimate from its March projection of 9.38 million acres.
Traders are keeping close watch on cotton growing conditions, especially in West Texas, where one quarter of the crop is expected to grow. Texas is forecast to have dry conditions with near-normal temperatures, giving way to a few isolated showers and thunderstorms Wednesday through Friday, according to DTN Meteorlogix, a private meteorology firm. The weekly crop progress and conditions report will be released by the USDA at 4 p.m. EDT (20:00 GMT).
Tuesday is first notice day for the July contract.
ICE weekly certificated cotton stocks totaled 1.625 million 480-pound bales for the week ending June 20 with 45,888 awaiting review, according to exchange data.
ICE cotton open interest increased by 217,383 positions Friday to total 217,383, according to the exchange. Volume was estimated 11,828 lots. In options, approximately 3,585 calls and 2,633 puts traded, according to exchange data.
Close Change Range
Jly 70.88 -79 pts 70.50-71.79 Oct 75.62 -67 pts 75.09-76.29 Dec 79.40 -71 pts 78.80-80.12