Cotton rises 1% on dollar weakness, demand hopes
Cotton rises 1% on dollar weakness, demand hopes

Cotton rises 1% on dollar weakness, demand hopes

A- A+
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.

Feb 13 (Reuters)ICE cotton futures gained more than 1% on Monday, helped by a weaker U.S. dollar and growing demand prospects for the natural fiber from top consumer China.

* The cotton contract for May rose 1.04 cent, or 1.2%, to 86.31 cents per lb by 11:22 ET (1622 GMT).

* It traded in a range of 84.53 and 86.73 cents a lb.

* "Demand has seen a resurgence in cotton, mainly by China," although "there is some fear about Turkey and how that's going to affect performance," said Louis Barbera, partner and analyst at VLM Commodities Ltd.

* Last week, U.S. Department of Agriculture's (USDA) weekly export sales report showed net sales of 262,800 running bales (RB) of cotton for 2022/2023, increases mainly from China and Turkey. EXP/COT

* "We're dealing with a market that's trying to break out of a range to the upside with a higher interest rate coming and a dollar that's stalling on a correction."

* The dollar slipped 0.2% against its rival after hitting a one-week high earlier, making it cheaper for overseas buyers to import U.S. cotton.

* Investor now await U.S. January consumer price data on Tuesday that could influence the Federal Reserve rate-hike plans.

* Chicago wheat and corn fell in a pullback after strong rises on Friday, as concerns eased about the future of Ukraine’s safe shipping channel for grain exports.

(Reporting by Rahul Paswan in Bengaluru;)

((RahulKumar.Paswan@thomsonreuters.com; If within U.S. +1 646 223 8780;;))


Πηγή: Reuters

Tags

newsletter

Εγγραφείτε στο καθημερινό μας newsletter