ICE&Nbsp; US Cotton Continues To Pick Up.
On Tuesday (3.23) ICE, the US cotton continued to pick up, while traders looked forward to the specific basic news while traders cautiously leveled their positions.
The most active May contract closed up 40 points, or 0.5%, to 82.89 cents / pound.
Despite the strong market this week, cotton fell by 2% in May after the expected supply fell to the highest level in two years in March 5th. The US Department of agriculture predicts that in the 2009-10 year, the world's cotton consumption will be 13% higher than its output. The year spanning August to July next year. In May cotton reached a peak of 84.60 cents.
Analysts say cotton traders are waiting for USDA's intention to plant cotton data, which is a platform for next year's output and supply.
The US Department of Agriculture plans to publish its intention planting report in March 31st. In the February outlook report, the US Department of agriculture locked up an area of 10 million 500 thousand acres in 2010, an increase of 15% over last year, as prices began to strengthen in mid 2009, which may attract farmers to expand their cotton planting area.
John Flanagan, President of Flanagan Trade Co., said traders were cautious before the planting intention report was introduced.
The technical turnover of cotton is narrow and dealers are flat.
Analysts said that in May cotton trading range was generally 80-84.60 cents, and there was hardly any new news to stimulate the breakthrough of cotton in May.
The cotton supply is expected to be adequate next year, and the US Department of agriculture is expected to pack 16 million packs if the weather is good. The next year's cotton picking in autumn corresponds to the December contract.
The exchange reported that on Monday, the ICE cotton daily stock increased by 9334 (500 pounds) to 742842 packets, 54561 to be certified, and 1509 to withdraw.
The exchange reported Monday that ICE's holdings increased by 898 to 188684.
The exchange reported that there were about 7943 hands in cotton turnover today. Option trading, call option is about 2935 hands, put option is about 2408 hands.
05 months 82.49 +40 82.00-82.96
07 months 83.68 +35 82.81-83.76
December 75.38 +42 point 74.80-75.40
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