DTN Closing Cotton: Cotton Ends Lower Tuesday
DTN Closing Cotton: Cotton Ends Lower Tuesday

DTN Closing Cotton: Cotton Ends Lower Tuesday

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.

Keith Brown DTN Contributing Cotton Analyst    

The cotton market was sharply lower Tuesday, with the old crop contracts, at one point, threatening to trade limit down. Fears of higher interest rates, a global economic downgrade from the IMF and the shuttering of Chinese cities all contributed to the negative environment.    

Traders are awaiting this Thursday's weekly export sales. For two consecutive weeks, sales have posted marketing-year low amounts, as China has been cancelling some previous purchases. To that end, a slowing of the Chinese economy, and the negative pall being cast by the Ukrainian/Russian War, is likely hurting global demand.    

Treasury yields were higher Tuesday as traders remain concerned over higher rising inflation and increasing interest rates. The yield of the benchmark 10-year note rose as high as 2.93%, reaching levels not seen since late 2018. The yield was up 3 basis points to 2.893% in midday trading. Just Tuesday, some analysts are suggesting a three-quarter percent rate hike may be seen at the Fed's next meeting on May 4.    

Tuesday, May cotton settled at 139.68 cents, down 5.06 cents, July closed at 138.33 cents, down 4.92 cents and December finished at 120.95 cents, 2.52 cents lower; estimated volume was 55,319 contracts.    

Keith Brown can be reached at commodityconsults@gmail.com

Πηγή: qualitygin.com



Εγγραφείτε στο καθημερινό μας newsletter