04302016Sat
Last update: Sat, 30 Apr 2016 12pm

Cotton and Textiles: World

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Cotton futures settled down slightly lower on Thursday after disappointing US government data on weekly export sales. The data showed sales of upland cotton totaled 48,700 running bales for the week ending April 22, touching a marketing-year low for 2015/2016, down 54 percent from the previous week.
The following were the fluctuations observed during the day:

Cotton futures rose slightly higher in late trading on Wednesday supported by the US Federal Reserve's announcement to keep interest rates unchanged. The Fed's statement indicating it was not in any hurry to raise rates gave speculators freedom to continue with their long positions, said Louis Rose, independent cotton trader and consultant with Risk Analytics in Memphis, Tennessee. While the Fed left the door open to a rate hike in June, its statement implied that it was in no hurry to follow on from its December rate rise.
The following were the fluctuations observed during the day:

Cotton futures settled slightly lower on Tuesday, dragged down by profit-taking on the heels of last week's more than 6 percent gain. "You're going to run into a lot of resistance at this level ... This (the recent gain) was just a technical aberration," said Jobe Moss, a broker with MCM Inc in Lubbock, Texas. For the week ended April 22, the July contract registered the biggest weekly gain since mid-August.
The following were the fluctuations observed during the day:

Cotton futures rose on Monday, snapping two days of losses, supported by a weaker dollar and strength across agricultural commodities amid concerns over tightening stocks of the natural fibre. "We have seen an influx of money in the commodities sector. I think it was a continuation of this," said Louis Barbera of ICAP Cotton.