12.27ICE Cotton Is &Nbsp Higher; Market Turnover Is Light.
According to December 27th, cotton
futures
On Tuesday, it closed up in a light trading session, and analysts said most investors would return to the market after the New Year holidays because of a small number of investors buying.
The cotton market closed for Christmas holidays on Monday.
ICE3 cotton rose 0.67 cents, 87.91 cents per pound, and the trading range was 87.24-88.12 cents.
Preliminary data show that Tuesday's turnover was nearly 3100 hands, compared with the 30 day mean low of nearly 85%.
Since cotton prices hit a record high of $2.20 a pound in early March, cotton demand has contracted and prices have fallen by more than half. If cotton prices stop at the current level, they may become the 2011 performance.
Worst
In the commodity market, cotton in the first year of the year increased by more than 90%, becoming the second best market in that year.
Mike Stevens, an independent cotton analyst, said: "the market is currently in holiday mode.
"
He said this week the market will maintain this light activity, most of the funds have cleared their positions and will not return to the market before next month.
Fundamentally speaking, traders believe that cotton will not be the favored investment type by 2012.
Analysts say this is because the European Union and the United States.
debt
And financial crisis worries continue to affect cotton demand, resulting in weak demand.
ICE data showed that ICE cotton futures traded at 2975 hands last Friday, the lowest level since the end of 2008.
The open market in the cotton market last Friday was 151176 hands.
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