Cotton futures eased on Thursday in heavy trading, receding from the 6-month highs, beleaguered from the rolling of closely-watched commodities index funds. Volumes were heavy throughout the session as traders moved positions from the March contract into May.
The most-active May cotton contract on ICE Futures U.S. edged down 0.27 cent, or 0.3 percent, to settle at 88.58 cents a lb.
The spot March contract fell more sharply, finishing down 0.77 cent, or 0.9 percent, at 87.60 cents a lb.
Sharon Johnson, a cotton specialist with KCG Futures in Atlanta, of the day’s heavy selling said there wasn’t anyone to offset the index fund activity.
The pressure in the spot month pushed its discount to 0.98 cents a lb below the second-month, from 0.48 cent a lb previously to its biggest discount since December.
Weekly U.S. Department of Agriculture export data showed that sales of upland cotton fell 33 percent from the previous week to 120,300 running bales and included cancellations from buyers in top consumer China.
Even as high prices have dented demand, the data showed shipment levels were strong and the world’s top exporter remained poised to outpace the USDA’s export forecast for the 2013/14 crop year that ends July 31.
Courtesy: Reuters
The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) is committed to improving the health and nutrition of garment industry workers.
TextileGenesis and AEON have teamed up to launch DPPs to help businesses connect their products' entire lifecycle and meet upcoming…
Nano-Care Deutschland AG, known for its advanced surface finishes, is thrilled to unveil its latest line of products focused on…
CARBIOS, a leader in biological technologies for textiles, celebrated the start of construction for the world's first PET biorecycling plant…
Research team at Vienna University is investigating the application of filters crafted from cellulosic waste to eliminate harmful dyes from…
The LYCRA Company has joined forces with Qore, a collaboration between Cargill and HELM, to make the world’s first large-scale…