ICE Cotton Reverse Trend Fell Slightly, Because Investors Before The Holidays To Cut The Balance.

Cotton futures for Intercontinental Exchange (ICE) fell slightly on Wednesday, as investors cleared their positions before the Independence Day holiday, leading to nearly 1% of the rally before the reversal of the price.


ICE's most active December cotton fell 0.04 cents or 0.06%, and the settlement price was 67.25 cents per pound.


Earlier in the day, cotton prices rose 0.9% at a time, hitting 67.90 cents per day. Cotton prices climbed 3% on Monday to the highest of 68.35 cents since May 31st.


According to data from the Ministry of agriculture of India, farmers in the country have sowed 14 million 700 thousand hectares of summer sown crops, which is about 10% less than that of last year.


On the occasion of the Independence Day holiday, the US market, including soft goods, will be closed on Thursday.


The total volume of futures market decreased by 10590 to 15646. Data show that the last trading day increased by 2654 to 178400 hands.


As of July 2, 2019, the number of cotton futures contracts for the 2 phase ICE deliverable fell to 74351 bales, the 74351 day on the previous day.


In July 3rd, China's cotton reserves sold 11933.2157 tons of resources, and the actual turnover was 11933.2157 tons, with a turnover rate of 100%.