(ICE) analysis of the cotton futures market Friday

(ICE) Cotton futures lower Friday, nearly a year and a half low, as a result of the global financial crisis triggered sell-off, and the government announced the bad crop report, the market down, dealers said.

Indicators in December cotton contract fell 3.00 cents CTZ8 bump, to 49.44 cents per pound and 51.60 cents in intraday high. Contract on the spot from the week-long show, in 2007 for the 5-year low in mid-received. From the spot On the contract in early September to record 67.91 cents, the contract price fell 27.19 percent.

March cotton fell 3.00 cents CTH9 bump, to close at 53.87 cents .1841 GMT, 12 Cotton month reported that 11,465 of the total trading volume. “Lack of confidence in the market,” SFS Futures analyst Mike Stevens said. Weakness in cotton futures , Trapped as a result of the global market, the 1929 stock market crash of the most serious since the financial crisis. Aggravating the decline, as a result of the U.S. Department of Agriculture (USDA) announced the bad supply and demand report.

USDA lowered the world cotton consumption in 2008/09, the last month of 123,700,000 package (1 bag = 480 pounds) 1.2231 billion reduction package, and eventually increase the world 2008/09 cotton stocks from last month’s data packets 52,320,000 increased to 5545 Million package. Refers to the broker, December cotton futures contract in support of 49 cents to 50 cents in the resistance. Stock Exchange data showed Thursday of the total volume of 11,278 hands.