Cotton Futures Rose, Expected To Reach A Trade Agreement Between China And The United States.

The ICE cotton futures contract rose on Wednesday as investors expected to buy Cotton in anticipation of a trade agreement between China and the US.

The most active March cotton contract rose 0.39 cents, or 0.53%, at 73.52 cents a pound, and the trading range was 72.98-74.28 cents.

JackScoville, vice president of PriceFuturesGroup, said: "today's optimism about Sino US trade negotiations is not yesterday, which is enough to drive up the price of cotton."

"Some of the panic we saw yesterday had dissipated and some people who might have sold cotton on Tuesday began buying today," he added.

Hasit, chairman of the White House Economic Advisory Committee (KevinHassett), said on Wednesday that he believed the US and China could reach a trade agreement before the deadline for March 1st.

The US Department of agriculture (USDA) continues to postpone several important us and global crop reports and weekly export sales figures.

Data released by the General Administration of Customs on Wednesday showed that China's cotton import volume in 2018 was 1 million 570 thousand tons, an increase of 36.2% over the previous year.

The total volume of futures market decreased by 6723 to 20358.

Data show that the previous trading day reduced by 2426 hands, a total of 230808 hands.

By the end of January 22, 2019, the number of cotton futures contracts for the 2 phase ICE delivery could be reduced to 121703 packages, with a 123799 pack on the previous day.