REUTERS: Cotton prices retreat 1% on stronger dollar
REUTERS: Cotton prices retreat 1% on stronger dollar

REUTERS: Cotton prices retreat 1% on stronger dollar

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.

Oct 24 (Reuters) -ICE cotton futures slipped more than 1% on Tuesday on a firmer dollar, giving up some of the gains from the last session, while traders positioned for weekly export numbers later this week.

* Cotton contracts for December CTZ3 fell 1.11 cent, or 1.33%, at 82.62 cents per lb at 11:21 a.m. ET (1521 GMT). On Monday, prices rose to a one-week high.

* The U.S. dollar rose .DXY 0.7%, making the natural fiber less appealing to overseas buyers. USD/

* "We shot back up yesterday, but now we can't seem to entice any extra buying. Higher dollar is offseting support from a strong stock market," said Keith Brown, principal at cotton broker Keith Brown and Co in Georgia.

* U.S. stocks rose as a selloff in U.S. Treasuries eased, while earnings boosted optimism about corporate America's health in the face of slowing economy and higher inflation. .N

* The U.S. Agriculture Department (USDA) in a weekly crop progress report on Monday said 29% of the cotton crop was in good to excellent condition, compared with 30% last week.

* "Domestically, West Texas will see more precipitation over the near-term, while harvest conditions across the balance of The Belt remain mostly favorable," Louis Rose of Tennessee-based Rose Commodity Group wrote in a note.

* The USDA's weekly export sales report is due on Thursday. EXP/COT

* Elsewhere, Chicago soybean and corn futures fell for a third straight session to hit one-week lows, while wheat also eased which was partly curbed by a rebound in the dollar. GRA/

Reporting by Daksh Grover in Bengaluru; Editing by Shailesh Kuber


Πηγή: Reuters

Tags

newsletter

Εγγραφείτε στο καθημερινό μας newsletter