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ICE cotton hit a more than seven-month high early on Friday but later tumbled on the stronger US dollar and reports that rains in West Texas growing regions had improved soil moisture, improving planting conditions. "They weren't expecting such a fast change in conditions," said Avery Putter, senior options broker at Sweet Futures in New Jersey, noting that the "key reversal" chart pattern, in which the price exceeds both the prior session's low and high levels, would likely lead to further selling on Monday.

The fluctuations observed during the day:

ICE cotton hit a more than seven-month high on Thursday after a US government report showed export sales for the current crop were above the prior four-week average, signaling strong demand for high-quality US cotton. "There is a finite supply of high-grade cotton," said Keith Brown, proprietor and cotton trader at Keith Brown and Co in Moultrie, Georgia.
The fluctuations observed during the day:

ICE cotton rose on Wednesday on expectations a US government report to be released Thursday would show strong export sales, and as a weaker US dollar boosted demand for greenback-traded cotton among holders of other currencies. "Quality stocks are tightening," said Louis Rose, independent cotton trader and consultant at Risk Analytics in Memphis, Tennessee. "The market expects a decent report tomorrow."
The luctuations observed during the day:

ICE cotton rose on Tuesday, boosted by a weaker dollar and gains across the commodities complex, but came off substantially from the day's highs in a late-session sell-off as speculators with long positions sensed the rally was losing momentum. "We're running out of steam," said Peter Egli, director of risk management at British merchant Plexus Cotton Ltd, noting that in each of the previous two days, the market had settled well below the session high.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
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Average CPI 8.6%
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