Market Movement from 04th Nov 2019 to 09th Nov 2019
• NY December remained in small range. First three days of the week market closed in red and recovered after better weekly sales and with some positive announcement by China on Thursday on US China Trade war front. On Friday USDA released WASDE Report which reduced US crop by nearly 1 million bales and also reduced India, China and Pakistan production. So aggregate reduction for world production is nearly 3 million bales M/M.
ICE cotton futures gained 1% on Friday after the U.S. Department of Agriculture's monthly supply-demand report showed lower U.S. and world production and ending stocks estimates for the 2019/20 crop year.
The most active cotton contract on ICE Futures U.S., the front-month December contract , , rose 0.48 cent, or 0.75%, at 64.83 cents per lb at 1:42 p.m. EST. It traded within a range of 63.61 and 65.06 cents a lb.
USDA killed the Bear this week. USDA did not even provide an opportunity for hibernation. It was an outright slaughter. The next bear hasn’t been born and will not even be a cub until at least as early as 2022.