ICE cotton futures settled lower on Thursday, hurt by uninspiring export sales data from the US Department of Agriculture (USDA), while lack of clarity in trade talks between the United States and China kept investors on edge.
Cotton contracts for March settled down 0.19 cent, or 0.3%, at 64.51 cents per lb. It traded within a range of 64.41 and 65.21 cents a lb.
Cotton finished mixed as the market sloughed off weak sales, choosing to focus on next Tuesday’s monthly supply/demand report. Last month, USDA cut the U.S. crop 900,000 bales to 20.65 million bales. Expectations from some analysts suggest at least 500,000 bales ought to be anticipated. Much of the crop’s additional loss will sadly come out of Texas.
The Deep Depression over East Central Arabian Sea has weakened into a Depression. This system would further lose its strength and become a Well Marked Low-Pressure Area. A Cyclonic Circulation is over the eastern parts of Bangladesh. A Trough is extending from Comorin area to South Tamil Nadu.