Reuters: Cotton set for weekly drop on stronger dollar, demand worries
Reuters: Cotton set for weekly drop on stronger dollar, demand worries

Reuters: Cotton set for weekly drop on stronger dollar, demand worries

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Sept 22 (Reuters) -ICE cotton futures slipped more than 1% on Friday and were heading for a weekly fall as an overall stronger U.S. dollar and concerns over demand from top consumer China dominated sentiment among investors.

* Cotton contracts for December CTZ3 fell 0.56 cent, or 0.65%, to 85.91 cents per lb by 12:44 p.m EDT (16:44 GMT), its lowest since Sept. 8. The contract was down about 0.7% so far this week.

* The dollar index .DXY hit a six-month peak and was on track for its 10th consecutive week of gains after the Federal Reserve stuck a hawkish tone. A stronger greenback makes cotton more expensive for overseas buyers. USD/

* "The demand (for U.S. cotton) overall has been less," said Jack Scoville, vice president at Chicago-based Price Futures Group.

* "China's not really stepping up to the plate and that's affecting the demand for cotton. If China does return to the market, they're likely to look to Brazil and maybe Australia before they'll come back to the US," Scoville added.

* Buyers including a state-owned Chinese company are stockpiling Australian cotton in Chinese warehouses, betting that a three-year ban on imports will soon be lifted as diplomatic and trade ties between Beijing and Canberra ease.

* The U.S. Department of Agriculture's weekly sales report on Thursday showed exports of 150,700 running bales of cotton, down 15% from the prior 4-week average. EXP/COT

* Meanwhile, oil prices edged lower on Friday as a hawkish stance from the U.S. central bank spurred fears of slowing demand. Lower oil prices make cotton-substitute polyester less expensive. O/R

* Elsewhere, Chicago wheat and soybeans ticked up, while corn inched down as the markets consolidated after losses linked to tepid U.S. exports and a rising dollar.

Reporting by Daksh Grover and Sherin Elizabeth Varghese in Bengaluru; Editing by Krishna Chandra Eluri

Πηγή: Reuters



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