REUTERS: Cotton gains on dollar dip, WASDE in focus
REUTERS: Cotton gains on dollar dip, WASDE in focus

REUTERS: Cotton gains on dollar dip, WASDE in focus

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.

Sept 11 (Reuters) -ICE cotton futures bounced on Monday as the dollar retreated, while investors also positioned for a key federal monthly supply and demand report.

* Cotton contracts for December CTZ3 rose 2.36 cents, or 2.8%, to 88.27 cents per lb by 12:16 p.m EDT (16:16 GMT), on track to mark their best daily percentage rise since at least Sept. 1 if gains hold.

* The greenback fell ahead of U.S. inflation data due on Wednesday, making cotton less expensive for buyers overseas. USD/

* While fundamentals on the demand side are weak, "we have a bit of support on the US crop side and the spec long in there, holding the market up for now," said Peter Egli, director of risk management at British merchant Plexus Cotton.

* Analysts have flagged concerns over the possible impact to the natural fiber crop from hot weather in key growing areas, especially Texas.

* Meanwhile, speculators raised net long position by 11,213 contracts to 41,954 in the week to Sept. 5, data from the Commodity Futures Trading Commission (CFTC) showed on Friday.

* "We're having some firm buying coming in ahead of tomorrow's USDA (WASDE) report and this afternoon's US crop ratings," said Jim Nunn, owner of Tennessee-based cotton brokerage Nunn Cotton, adding that "we have to be concerned with what USDA is going to do with consumption."

* The U.S. Department of Agriculture's (USDA) supply and demand report is scheduled for release on Sept. 12.

* Cotton also drew support from improved sentiment in Wall Street and elevated oil prices, which makes polyester, a cotton substitute, more expensive. .N O/R

* In the agricultural markets, Chicago wheat fell while corn and soybeans rose as traders positioned for the updated U.S. government estimates expected to include reduced domestic crop forecasts. GRA/

Reporting by Rahul Paswan and Sherin Elizabeth Varghese in Bengaluru; Editing by Shailesh Kuber

Πηγή: Reuters



Εγγραφείτε στο καθημερινό μας newsletter