Cotton futures inch lower ahead of U.S. export sales data
ICE cotton futures eased in low-volume trade on Wednesday, as investors awaited weekly exports sales report from the U.S. Department of Agriculture (USDA) due on Thursday.
The most active cotton contract on ICE Futures U.S., May , settled down 0.15 cent, or 0.20 percent, at 75.5 cents per lb.
The contract traded within a range of 75.15 cents and 75.88 cents per lb.
"Cotton is probably flat today because there is likely little major position adjustment ahead of tomorrow's export data release," said Louis Rose, director of research and analytics at Tennessee-based Rose Commodity Group.
"We think that export data for the week ending March 14 is likely to be at least as strong as that put forth last week," Rose added.
Data from the U.S. Department of Agriculture showed net sales of 166,100 running bales in the 2018/19 marketing year for the week ended March 7....
Market participants are also watching the latest on the trade talks between the United States and China.
U.S. President Donald Trump said on Wednesday a trade deal was coming along nicely, with U.S. trade negotiators poised to head to China next week for another round of talks....
"The trade has grown weary of speculation regarding trade talks, especially with a final deal not likely now until June, at the earliest," Rose said.
Total futures market volume fell by 8,455 to 22,885 lots. Data showed total open interest gained 2,294 to 224,266 contracts in the previous session.
Certificated cotton stocks deliverable as of March 19 totaled 106,863 480-lb bales, up from 106,861 in the previous session
Source : Reuters