By admin       2019-02-22

ICE cotton futures settled higher on Tuesday, having touched a one-week high earlier in the session, helped by a weaker dollar, while investors focused on the latest round of trade talks between the United States and China. The most active cotton contract on ICE Futures US, the March contract, settled up 0.19 cent, or 0.27 percent, at 70.41 cents per lb.The front-month contract touched its highest level since Feb. 11 at 71.09 cents. "The main supporting factor today was the fall in (the) dollar," said Gabriel Crivorot, analyst at Societe Generale in New York. The dollar index was down 0.4 percent. A weaker greenback makes commodities priced in dollars, such as cotton, less expensive for holders of other currencies.On Tuesday, the United States and China launched a new round of talks in Washington, with follow-up sessions scheduled later in the week, amid increasing optimism for a breakthrough in the trade talks. US President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations.Crivorot said it is a relief that Trump appears to be pre-emptively backing down from his March 1 deadline. Total futures market volume rose by 7,601 to 42,936 lots. Data showed total open interest fell 256 to 237,643 contracts in the previous session. Certificated cotton stocks deliverable as of Feb. 18 totaled 129,104 480-lb bales, unchanged from 129,104 in the previous session.

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