ICE Futures U.S. 28 to close most of the higher

ICE Futures U.S. cotton futures closed most of the 28 higher, selling and a lack of technical support in March to promote cotton futures sharply higher this week. March cotton futures prices settled up 136 points to 47.91 cents / lb, trading in the range of 45.61 cents to 48.00 cents / bushel. This week, the March contract rose a total of 611 points. In recent months, prices in December contract settled down 40 points to 45.75 cents / lb, trading in the range of 44.77 cents to 46.62 cents / bushel. May contract rose 176 points to 47.86 cents / bushel, trading in the range of 46.90 cents to 47.91 cents / bushel.

March cotton futures opened higher, but in the light of the drop in turnover to 45.61 cents / lb intraday low. Analysts attributed this to 27 Thanksgiving Day holiday. Air-dropped in early trading recovered significantly, to bring support for cotton, despite the stronger dollar, CRB index weakness. In the absence of selling after, the cotton market’s oversold condition led to technical buying, and March cotton futures closed at on November 5 the highest level since.

Analysts said the cotton market will pay close attention to macro-economic conditions as targets.

SFS Futures analyst, said Mike Stevens, cotton market will likely macro-economic prospects and the stock market looking for clues.

Keith Brown & Co. Person in charge, said Keith Brown, if the external market, in particular, to maintain the current trend of the stock market, cotton futures may still be low.

Stevens said that if the 7-9 day moving average at 20 days or more 21-day moving average, the possible speculative buying.

Analysts said a large number of traders Cargill delivery in December contract psychological support to the market.

26 inspection by a qualified cotton stocks dropped 10,436 packets (each packet of 480 pounds) to 918,591 packets. The U.S. Department of Agriculture said that the 5467 package are awaiting inspection, testing failed 9328 package.

26 open positions fell 1236 to 126,921 in hand in hand.

ICE Cotton futures in 5262 is estimated at hand, there are about 2558 calls and 644 puts traded hands.