The lowest trading volume is recorded by ICE Cotton, with somewhat lower prices.
ICE Cotton on Thursday recorded the lowest trading volume in two years due to reduced trading hours and the consolidation phase in the market. US cotton prices closed slightly lower, with price fluctuations remaining in a narrow range.
On Thursday, the ICE Cotton March 2025 contract closed 0.03 cents lower at 68.75 cents per pound (0.453 kg). The session recorded the lowest trading volume in two years, with only 13,139 contracts traded. Trading hours were reduced to 6 hours and 50 minutes compared to the usual 17 hours and 20 minutes due to the post-Christmas holidays.
Price fluctuations remained in a narrow range, with March futures closing only 3 points lower. Other contract months declined from 8 points lower to 9 points higher.
NYMEX crude oil prices fell during a mild holiday break, hit by a stronger dollar that made polyester, a cotton alternative, cheaper.
The USDA is scheduled to release its weekly export sales report today, delayed due to the Christmas holidays.
Brazil's 2024-25 cotton acreage forecast is 2.12 million hectares, up 0.4 percent from the November estimate, due to a revision in the acreage forecast for Bahia state. Mato Grosso, Brazil's largest cotton-producing state, maintained its acreage forecast at 1.56 million hectares. Bahia, the second-largest producing state, raised its acreage forecast from 365,000 hectares to 374,000 hectares.
According to Conab forecasts, Brazil's total cotton acreage is expected to increase by 6.5 percent compared to last year and exceed 2 million hectares for the first time in 36 years.
Currently, ICE cotton for March 2025 is trading at 68.74 cents per pound (down 0.01 cent). Cash cotton is trading at 66.92 cents (unchanged). The May 2024 contract is at 69.85 cents per pound (down 0.01 cent), the July 2025 contract is at 70.91 cents (up 0.03 cents), the October 2025 contract is at 69.50 cents (up 0.09 cents) and the December 2025 contract is at 69.98 cents (up 0.03 cents). Some contracts remained the same as the previous close, with no trading today.
Read More :- Maharashtra: Cotton growers worried over strong possibility of hailstorm and rain
Regards
Team Sis
Any query plz call 9111677775
https://wa.me/919111677775
