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May 19: ICE cotton is approaching the 60-cent mark

Update:19 May 2020
Summary:

On May 19th, countries began to relax the blockade and […]

On May 19th, countries began to relax the blockade and restart the economy to have a positive impact on cotton consumption. With the steady strengthening of technical graphics, speculative short covering stimulated a sharp rise in cotton prices. The highest point of ICE futures main contract is only one step away from 60 cents. . The market continues to be optimistic about this week's US cotton export weekly report.

Statistics: The July contract reported 59.20 cents per pound, up 140 points, and the December contract was 59.17 cents per pound, up 124 points, with a volume of 26,633 lots, an increase of 6,626 lots from the previous trading day. As of May 18, the closed position was 176,499 lots, a decrease of 1026 lots.

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