REUTERS: ICE cotton rebounds as dollar slips, wider market gains
REUTERS: ICE cotton rebounds as dollar slips, wider market gains

REUTERS: ICE cotton rebounds as dollar slips, wider market gains

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.

Nov 28 (Reuters) -ICE cotton futures were on track for their biggest daily percentage gain in over a month on Tuesday, driven by a weaker dollar while an upbeat sentiment in the oil and grains market also seeped into the natural fiber.

* The second-month March contract CTc2 rose 0.64 cents, or 0.8%, at 79.9 cents per lb at 11:38 am EST (1638 GMT). Prices were down by 2.1% in the previous session.

* The dollar index .DXY was down 0.5%, making cotton more attractive to buyers holding other currencies. USD/

* "We just got a little rebound after yesterday's quiet day, the markets being back up has helped business for cotton," said Jim Nunn, owner of Tennessee-based cotton brokerage Nunn Cotton, adding that supporting the cotton market, the dollar is down while soybeans are up.

* "If we get the market above the 20-day moving average at 80.64 cents, then that's going to be positive for cotton."

* Oil prices rose as the possibility that OPEC+ will extend or deepen supply cuts was compounded by a storm-related drop in Kazakh oil output to send the Brent benchmark above $80 a barrel.

* Higher oil prices make polyester, a substitute for cotton, more expensive. O/R

* In the grain market, soybeans rose as participants assessed rain forecasts in top exporter Brazil, where dry weather is threatening to cut yields while Chicago wheat edged higher and corn steadied.

* Around 83% of the U.S. cotton crop had been harvested as of the week ended Nov. 26, compared with 77% in the prior week, according to the U.S. Department of Agriculture's weekly crop progress report. US/COT

Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Shailesh Kuber

Πηγή: Reuters



Εγγραφείτε στο καθημερινό μας newsletter