REUTERS: Cotton bound for strong weekly gain on short-covering
REUTERS: Cotton bound for strong weekly gain on short-covering

REUTERS: Cotton bound for strong weekly gain on short-covering

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Nov 17 (Reuters) -ICE cotton futures rose on Friday, on course for their biggest weekly gain in two-and-a-half months, on a steep decline in the dollar, helped by speculators covering their short positions.

* The second-month March contract CTc2 rose 0.64 cent, or 0.8%, to 81.52 cents per lb at 1:12 ET (1812 GMT). Prices have risen 2.6% for the week so far.

* "The market has been down in recent days so we're seeing some bounce... mills and exporters are taking advantage of the break that we've had," said Kansas-based commodity analyst Sid Love.

* The dollar index was down 0.3%, making cotton more attractive to buyers holding other currencies. USD/

* In the week to Nov. 7, speculators switched to net short position of 5,268 contracts, data from the Commodity Futures Trading Commission (CFTC) showed earlier in this week.

* Also boosting cotton, oil prices rose over 3%, making cotton-substitute polyester more expensive. O/R

* "If the traders are perceiving that Chinese demand may be improving and the U.S. dollar may begin a decline because of the Federal Reserve halting interest rates increases, then that could help cotton prices," said Keith Brown, principal at cotton broker Keith Brown and Co, in Georgia.

* The U.S. Department of Agriculture's (USDA) weekly export sales report on Thursday showed net sales of 328,300 running bales (RB) for 2023/2024 were down 17% from the previous week, while exports of 112,900 RB were up 25%. EXP/COT

* "China has yet to lift restrictions on Australian cotton imports. Given that a large number of bales are being stored in state-owned warehouses in China, we expect such action to be forthcoming," Louis Rose of Tennessee-based Rose Commodity Group wrote in a note.

* In the grain market, Chicago grain and soybean futures declined as the prospect of rain in drought-stricken Brazil eased crop concerns.

Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Shilpi Majumdar

Πηγή: Reuters



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