ICE cotton goes V-shape trend on Wednesday

ICE cotton futures market went V-shape trend on Wednesday. Contract of May closed at 80.75cent/lb, up 0.12cent/lb and contract of Jul closed at 82.06cent/lb, up 0.24cent/lb. (USDA) released its planting intention report on Wednesday. The cotton planting areas are projected at 12.036 million acres in 2021, including 11.894 million acres of upland cotton, and 142,000 acres of Pima, while the market is previously estimated at 11.905 million acres.

Cotlook A Index rose by 0.2cent/lb to 87.40cent/lb.