AIRLINK 197.97 Decreased By ▼ -3.27 (-1.62%)
BOP 10.04 Increased By ▲ 0.07 (0.7%)
CNERGY 7.29 Increased By ▲ 0.40 (5.81%)
FCCL 36.00 Increased By ▲ 0.64 (1.81%)
FFL 16.91 Decreased By ▼ -0.24 (-1.4%)
FLYNG 25.04 Increased By ▲ 0.83 (3.43%)
HUBC 134.03 Decreased By ▼ -4.16 (-3.01%)
HUMNL 14.14 Increased By ▲ 0.07 (0.5%)
KEL 4.78 Decreased By ▼ -0.08 (-1.65%)
KOSM 6.94 Increased By ▲ 0.28 (4.2%)
MLCF 44.98 Decreased By ▼ -1.33 (-2.87%)
OGDC 218.23 Decreased By ▼ -4.31 (-1.94%)
PACE 6.94 Decreased By ▼ -0.12 (-1.7%)
PAEL 41.42 Decreased By ▼ -1.72 (-3.99%)
PIAHCLA 16.86 Decreased By ▼ -0.17 (-1%)
PIBTL 8.46 Decreased By ▼ -0.08 (-0.94%)
POWER 9.39 Increased By ▲ 0.29 (3.19%)
PPL 185.93 Decreased By ▼ -2.83 (-1.5%)
PRL 41.27 Decreased By ▼ -2.00 (-4.62%)
PTC 24.77 Decreased By ▼ -0.58 (-2.29%)
SEARL 104.65 Decreased By ▼ -5.77 (-5.23%)
SILK 1.01 Decreased By ▼ -0.02 (-1.94%)
SSGC 40.91 Decreased By ▼ -1.73 (-4.06%)
SYM 18.05 Decreased By ▼ -0.52 (-2.8%)
TELE 8.91 Decreased By ▼ -0.21 (-2.3%)
TPLP 12.84 Decreased By ▼ -0.84 (-6.14%)
TRG 66.60 Decreased By ▼ -1.56 (-2.29%)
WAVESAPP 11.30 Increased By ▲ 1.03 (10.03%)
WTL 1.78 Decreased By ▼ -0.09 (-4.81%)
YOUW 4.00 Decreased By ▼ -0.01 (-0.25%)
BR100 12,109 Decreased By -110.5 (-0.9%)
BR30 36,598 Decreased By -719.6 (-1.93%)
KSE100 115,042 Decreased By -802.6 (-0.69%)
KSE30 36,200 Decreased By -276.6 (-0.76%)

NEW YORK: ICE cotton futures rose in thin trading on Monday, helped by strong demand prospects for the natural fiber, although a robust dollar capped further gains.

The cotton contract for March was up 0.63 cents, or 0.6%, at 113.23 cents per lb by 11:50 a.m. ET (1650 GMT).

“Cotton has good fundamentals. We had a good shipment number last week. A good sales number and China was the number one buyer for cotton. The trend of cotton is still up,” said Keith Brown, principal at Keith Brown and Co in Georgia.

“However, the dollar today being up 70 points is rather extreme, so that is causing a little consternation among traders. But overall, I think cotton fundamentals are fairly solid.”

The US dollar rose 0.6% against a basket of major currencies, tracking government bond yields as investors anticipate the Federal Reserve will stay on its path of interest rate hikes in 2022.

A stronger greenback makes cotton more expensive for other currency holders.

Last week, the US Department of Agriculture (USDA) weekly export sales report showed net sales of 192,200 running bales, with China being the top buyer.

Chicago soybean futures prices rose by about 1.5% on South American weather concerns, while world markets got 2022 off to an optimistic start, with US and European equity markets powering higher on Monday.

On the technical front, “the March contract should experience resistance near 115-116 cents and support near 100-102, 95 -96 and 90-92 cents over the near-to-medium-term,” Louis Rose of Tennessee-based Rose Commodity Group said in a note.

Total futures market volume fell by 3,760 to 10,346 lots. Data showed total open interest gained 318 to 239,896 contracts in the previous session.

Comments

Comments are closed.