02112016Thu
Last update: Thu, 11 Feb 2016 03pm

Cotton and Textiles: World

Archive: 

Cotton futures sank to the lowest in over a year on Monday after the US government raised its forecast for excess inventories both in the United States, the world's top exporter, and globally, amid lower demand. The US Department of Agriculture (USDA) raised its outlook for world stocks in the year that runs through July, as well as its outlook for carryover stocks in the United States on a lower forecast for shipments abroad in 2015-16.
The following were the fluctuations observed during the day:

Cotton futures fell to the lowest in more than four months on Monday, weighed down by bearish sentiment in global markets and liquidation as traders awaited direction from the US government supply and demand report due on Tuesday. "We're probably seeing the carry over from ... the real negative price action we saw late last week, also new selling because we made new contract lows, all precipitated by a very negative environment emanating from Wall Street," said Jobe Moss, a broker with MCM Inc in Lubbock, Texas.
The following were the fluctuations observed during the day:

The following were the fluctuations observed during the day:

Cotton futures fell to a four-month low on Friday, declining for the third straight session as commercial end-users held off on fixing cotton prices amid continued speculation China would soon announce a plan to auction off its massive cotton stockpile.
Cotton futures fell to a four-month low on Thursday as concerns around weaker economic data in the United States and uncertainty around China's plans to release its stockpile offset potentially bullish US export sales data and a weaker dollar. "There is some macro concerns in the economy that's driving demand down the road," said Louis Rose, independent cotton trader and consultant with Risk Analytics in Memphis, Tennessee. Net sales of cotton totalled 251,600 bales for 2015/2016 crop year last week, up 96 percent from the previous week and 75 percent from the prior 4-week average, according to a US government report released Thursday morning.