(ICE) cotton futures market Comments

January 16 — electricity Intercontinental Exchange (ICE) Cotton (11770, -35.00, -0.30%,) futures closed higher Friday, as funds and trade buying, having expected to rise further. Next Monday, here the market will be closed Martin Luther King Day, Tuesday reopened.

March cotton CTH9 up 0.47 cents to close at 49 cents per pound, trading range of 47.65-49.77 cents. This is the week, its highest close since .1944 GMT, the March period of 8160 volume of cotton. 5 Cotton CTK9 month period rose 0.47 cents to settle at 49.58 cents per pound.

Analysts said that if the soybean (3449,0.00,0.00%,) futures remained at or above 10 U.S. dollars, will tend to cotton farmers switch to soya beans, which is lower than the standards, may choose to grow cotton. Flanagan Trading brokerage firm is expected to cotton resistance in 49.60 and 50.50 cents, support for 48.95 and 48 cents.

Exchange data show that overall turnover Thursday cotton reached 15,720. As of January 15, the volume of outstanding contracts to 129,592 from 129,867.