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Cotton and Textiles: World


Cotton futures edged higher on Wednesday in a narrow trading range and light volumes as rains in key growing regions raised concerns over potential crop damage in the United States, the world's top exporter. The most-active December cotton contract on ICE Futures US closed up 0.13 cent, or 0.2 percent, at 65.68 cents a lb. Tropical Storm Odile headed toward the US Southwest, bringing rains to West Texas during a key development phase ahead of the harvest.

The fluctuations observed during the day:

Cambodian trade unionists and hundreds of garment workers on Wednesday launched a campaign for a $77 monthly pay hike, turning up the pressure on factories ahead of looming wages talks. About 500 workers joined a brief rally at a garment factory in an industrial park in Phnom Penh to urge international buyers, including GAP, Levi's, H&M, Puma and ZARA to lift their basic wage to $177 a month.
Cotton futures fell for the third straight session in active trading on Tuesday, amid mounting speculation that China, the world's top buyer, would soon announce details of this year's pilot subsidy program. The most-active December cotton contract on ICE Futures US dropped 0.29 cent, or 0.4 percent, to settle at 65.55 cents a lb. Cotton futures saw their biggest one-day rout in four months on Monday on concern about oversupply and waning demand from China.
The fluctuations observed during the day:

Cotton futures dropped more than 3 percent on Monday, the most in more than four months, as optimism over the US government's monthly crop report turned to gloom about global oversupply and waning demand from China, the world's No 1 cotton buyer. Coming off an eight-week high, the most-active December cotton contract on ICE Futures US closed down 2.16 cents, or 3.2 percent, at 65.84 cents a lb, its largest daily drop since early May, on healthy turnover.
US cotton farmers may be forced to dip into a $4-billion-government loan program en masse for the first time in years this season after prices plunged 20 percent due to expectations of ample supplies, according to trade sources and government data. With few bargaining on the meteoric drop in prices for the 2014/15 harvest, farmers had sold forward just 8 percent of their acres by September 1 this year, compared with a national rate of 16 percent during the same period last year, according to the most recent survey by the US Department of Agriculture (USDA).


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