In December 2Nd, ICE Cotton Futures Closed At &Nbsp; Speculative Buying Support.
According to New York's December 2nd news, Intercontinental Exchange (ICE) cotton futures closed on Thursday for second consecutive days.
analyst
Said, under the light speculative buy - up support, because of supply tension has triggered a rise again.
India restriction
Cotton yarn export
The news has largely boosted the market.
Other commodity markets are strong, options related purchases and commercial account sales are scarce.
Cotton is ranked second in R/J CRB commodity index, and has risen 67% since the beginning of this year.
The number one silver rose 69%.
Demand is also strong, and most analysts expect that 80-90%'s US harvest cotton has been sold and supply will be very tight in the first quarter of 2011.
U.S.A
It is the largest exporter of cotton in the world.
Index ICE the cotton contract in March rose 5 cents, triggering a daily limit of 1.2634 dollars per pound and a low of $1.2234.
According to the exchange rules, Friday's limit will be relaxed to 6 cents.
VIP Commodities cotton analyst Lou Barbera, a broker, said speculative accounts cleared at the time of the price adjustment and are now back in the market.
Preliminary data show that the total turnover is about 16500 hands, compared with the 30 day average of about 36400 lower than 50%.
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