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Cotton futures hands back previous day’s gains, hits January low on poor demand

YarnsandFibers News Bureau 2013-11-22 14:24:57 – Mumbai

The US cotton future fell to a new nine-and-a-half-month low on 14 November, thus giving back the previous day's gains as demand remained poor amidst rising inventory. The concerns about oversupplies still hang in balance. The most-active March cotton contract on the ICE Futures US declined to an intraday low of US cents 77.37 per pound, its weakest since mid-January. Prices settled down 1.4% to US cents 77.46 per pound.

The spot December contract also fell 1.85%, to end the day at US cents 76.52 per pound. Trading volume was heavy with a combined volume in the two front months of over 30,000 lots. Exchange stocks rose from 181,132 bales to 190,507 bales on 12 November, the most since July.

Reportedly, traders will be watching for weekly export sales data due for release on 15 November expecting weaker numbers even though prices are under pressure. Low prices typically spur demand from China, the world's No. 1 textile market.

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