Cotton Futures Fall to One-Year Low

Cotton Futures Fall to One-Year Low

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Το περιεχόμενο του άρθρου δεν είναι διαθέσιμο στη γλώσσα που έχετε επιλέξει και ως εκ τούτου το εμφανίζουμε στην αυθεντική του εκδοχή. Μπορείτε να χρησιμοποιήσετε την υπηρεσία Google Translate για να το μεταφράσετε.

By Julie Wernau

Cotton prices slumped to end at a one-year low Monday with China, the world's second-largest cotton importer, and most of southeast Asia on holiday.

Cotton for March delivery dropped 0.6% to 59.60 cents a pound on the ICE Futures U.S. exchange, its lowest close since Jan. 30, 2015.

At the same time, a survey by the National Cotton Council found farmers expected to plant more cotton this year in the U.S., up 6.2% to 9.11 million acres versus 8.58 million acres planted in 2015.

Analysts had expected an even larger increase of about 1 million acres with alternative crops in the country's largest growing region, Texas, trading at such low levels that cotton is being treated as a best-of-the-worst alternative.

Last year, cotton ended the year up 6% in the futures market; whereas, corn and soybeans dropped 10% and 15% on the year, respectively, motivating farmers to choose cotton over other crops, Commerzbank said in a note.

In other markets, raw-sugar futures for March rose 1.4% to end at 13.45 cents a pound, cocoa for March delivery closed up 3.1% to $2,858 a ton, arabica coffee futures fell 3.9% to end at $1.1575 a pound and frozen concentrated orange juice for March slumped 1.3% to close at $1.3335 a pound.

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