By admin       2018-03-23

ICE cotton futures eased alongside a fall in oil and equity markets on Thursday on the heels of an action by U.S. President Donald Trump to impose tariffs on up to $60 billion of Chinese imports. *ICE cotton contract for May expiry settled down 0.44 cent, or 0.53 percent, at 82.15 cents per lb. *The contract was down for the second-straight session. It traded within a range of 81.77 and 83.21 cents a lb. *"Cotton prices moved in sync with oil prices today, which dropped along with stocks on concerns about a possible trade war between U.S. and China," said Gabriel Crivorot, an analyst at Societe Generale in New York. *U.S. President Donald Trump signed a presidential memorandum on Thursday that could impose tariffs on up to $60 billion of imports from China.... *The threat of a global trade war pushed benchmark equity indexes in the United States and Europe deep into the red on Thursday and cut into commodity prices.MKTS/GLOB *"The trade sanctions by the Trump administration creates a lot of uncertainty and speculators may move to a risk off position because of that eventually," said Peter Egli, director of risk management at British merchant Plexus Cotton. *The U.S. Department of Agriculture said it would delay the release of its weekly U.S. export sales report to Friday, due to inclement weather delays in the Washington, D.C., area.... *Total futures market volume fell by 2,409 to 21,226 lots. Data showed total open interest gained 837 to 273,204 contracts in the previous session. *Certificated cotton stocks deliverable as of March 21 totaled 62,624 480-lb bales, down from 69,167 in the previous session. *China sold 17,969 tonnes of cotton at an auction of state reserves, according to cotton industry website on Thursday.*Monsoon rains in India are likely to be unaffected by the El Nino weather pattern, a leading government weather official said on Thursday.

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