REUTERS: Cotton hits six-month low on China demand concerns
REUTERS: Cotton hits six-month low on China demand concerns

REUTERS: Cotton hits six-month low on China demand concerns

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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.

ICE cotton futures slipped over 1% to a more than six-month low on Tuesday, pressured by concerns about demand from top consumer China as the harvest season for the natural fiber progressed.

* Cotton contracts for December (CTc1) fell 1.25 cents, or 1.6%, to 76.75 cents per lb at 1:13 p.m. ET (1813 GMT), after hitting its lowest since April 26 earlier in the session.

* "China's been buying most of its cotton out of Brazil ... and we're harvesting a crop right now, so there seems to be cotton aplenty," said Keith Brown, principal at cotton broker Keith Brown and Co in Georgia.

* U.S. cotton prices are unlikely to gain much traction this year despite lesser output as trade tensions push key buyer China to rivals Brazil and Australia, analysts said.

* The U.S. Department of Agriculture's weekly crop progress report released on Monday showed 57% of the cotton crop had been harvested in the week ended Nov. 5, compared with 49% in the prior week.

* The dollar gained 0.4%, making cotton more expensive for overseas buyers, while oil prices fell, making polyester, a cotton substitute, less expensive.

* Market focus turns to the World Agricultural Supply and Demand Estimates (WASDE) report due on Thursday.

* Brown said he expects the report to post a smaller cut to the U.S. crop, with some chance of lower production forecasts for India and China.

* U.S. wheat futures fell on Tuesday as the markets reacted to better-than-expected crop conditions, while soybean futures climbed to a two-month high.

Πηγή: Reuters

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