*ICE COTTON SUMMARY*
*Rally in cotton futures tires; dip in weekly exports weighs*
*ICE cotton futures took a breather on Thursday from a blistering rally that has seen prices reach their highest level since mid-2011 to lock in profits, following a federal report that showed lower export sales of the fiber.*
*"Wednesday's settlement pulled back from the limit up seen early in the morning, which looked like profit-taking from investors, and today is a continuation of that," with some skipped over orders also being fulfilled, said Bailey Thomen, cotton risk management associate at StoneX Group.*
*The upper limit of 113.93 cents per lb hit on Wednesday set an all-time peak for the December contract, and a high since September 2011 for the second month cotton futures contract , for the second session in a row. The higher prices scared some traders out, but today could be viewed as another entry point into the market, Thomen said.*
*"Unfortunately, this week the export sales report was not very outstanding, but that was expected as China has been out celebrating its National Day holiday."*
*The US Department of Agriculture's weekly export sales report showed net sales of 246,700 running bales (RB) for 2021/2022, down 57% from the previous week and 40% from the prior 4-week average.*
*The report, however, showed increases primarily to China of 174,500 RB, following strong sales data to the top consumer in the prior week as well.*
*Analysts have noted that at these price levels mills are forced to ration the use of natural fiber cotton, which cannot compete with far lower polyester prices.*
*Total futures market volume fell by 38,117 to 33,674 lots. Data showed total open interest fell 1,658 to 289,200 contracts in the previous session.*
Regards
Team Sis
Any query plz call 9111677775
https://wa.me/919111677775
