Comprehensive media reported on February 16 that the Intercontinental Exchange (ICE) cotton futures ended mixed on the 16th, as market participants still extended the March contract to a longer month contract, especially the May contract. The May contract is now an indicator month contract.
ICE March cotton futures closed down 0.05 cents at 92.45 cents/lb, trading in the narrow range of 91.80 cents/lb to 92.80 cents/lb.
The trading volume of the March contract was scarce, with 5,685 contracts on the trading day's close.
A small number of market participants will extend March futures positions to May, July or December contracts before the closing date on February 23.
New May contract futures settled 0.23 cents higher at 93.71 cents/lb. The trading range was between 92.65 cents/lb and 94 cents/lb. The trading range was also narrow, together with the lows of the 15th. Established a double bottom pattern.
The contract volume in May contract reached 11,581 contracts just after the close.
The open interest is now the highest in May and is about double the open position in March. On the 15th, the March open interest decreased by 9,166 contracts, while the open interest increased by 3,662 contracts in May, and the July and December contracts increased by 1,246 contracts and 725 contracts, respectively.
In addition, with the price of cotton (21710, -60.00, -0.28%) being traded at about 93 cents, some foreign buyers entering the market at 90 cents appear to be taking a wait-and-see attitude again.
Export sales data from the United States Department of Agriculture (USDA) also appears strong. USDA announced that it had exported 108,000 export packages last week and new cotton sales had 66,200 export packages.
ICE Futures data showed that the open interest as of February 15 decreased by 3,529 hands to 186,141 contracts.
According to ICE data, the total volume of US cotton futures jumped to 30,597 lots on the 15th and 26,048 lots on the 14th.
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