ICE cotton dips over 2 pct on intensifying U.S.-China trade fight
ICE cotton dips over 2 pct on intensifying U.S.-China trade fight

ICE cotton dips over 2 pct on intensifying U.S.-China trade fight

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Το περιεχόμενο του άρθρου δεν είναι διαθέσιμο στη γλώσσα που έχετε επιλέξει και ως εκ τούτου το εμφανίζουμε στην αυθεντική του εκδοχή. Μπορείτε να χρησιμοποιήσετε την υπηρεσία Google Translate για να το μεταφράσετε.
    July 11 (Reuters) - ICE cotton futures slipped over 2
percent on Wednesday, to mark its biggest one-day percentage
decline in three weeks, as trade tensions grew with the United
States threatening 10 percent tariffs on $200 billion of
imported Chinese goods.
    
    The most active cotton contract on ICE Futures U.S., the
second-month December contract              , settled down 1.84
cent, or 2.13 percent, at 84.54 cents per lb, after rising for
the past three sessions.
    * The contract traded within a range of 84.34 and 86.3 cents
a lb.
    * "There is an increasing concern that China will intensify
tariffs against the U.S. if the trade war escalates," said
Gabriel Crivorot, an analyst at Societe Generale in New York.
    * China accused U.S. of bullying and warned it would hit
back.
                         
    * The United States is the world's biggest cotton exporter,
while
China is the top consumer.
    * Meanwhile, the markets also awaited the release of U.S.
Department of Agriculture's (USDA) monthly World Agricultural
Supply and Demand Estimates (WASDE) due on Thursday.
    * "Everyone is probably wondering if the USDA will reduce
U.S.
production in tomorrow's report. It maybe too early to see a
sizeable reduction but I think the expectations are that the
numbers should be below 19.5 million bales," said Beau
Stephenson, senior vice president at Omnicotton Inc.
    * Total futures market volume fell by 2,026 to 15,941 lots.
Data
showed total open interest gained 489 to 252,356 contracts in
the previous session.
    * Certificated cotton stocks CERT-COT-STX deliverable as
of July
10 totaled 32,987 480-lb bales, down from 33,604 in the previous
session.
    * FAS India forecasts marketing year 2018/19 cotton
production at
28.7 million 480 lb. bales on 11.85 million hectares.
            


 (Reporting by Eileen Soreng in Bengaluru)
Πηγή: Reuters

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