Cotton Contract Fell 0.75 Cents In December.
Intercontinental Exchange (ICE)
cotton
(15140, -60.00, -0.39%) futures fell more than 1% on Thursday, hitting a 10 day low, which was related to weak export sales figures and strong US dollar.
Export sales report released on Thursday by the US Department of agriculture (USDA) showed that the US 2016-17 net sales of land cotton exports were 91600 packages.
market
The annual low point decreased by 54% from the previous week, 63% less than the previous four weeks.
The cotton contract in December fell 0.75 cents or 1.10%, at 67.73 cents per pound, and the intraday trading range was 67.28-69.04 cents, the former being the lowest price in September.
JordanLea, chairman and partner of EasternTrading, said, "I think a sharp reduction in export sales is a response to last week's price rise."
He also said that the stronger US dollar also lowered the cotton price.
The cotton contract in December climbed more than 4%, the biggest weekly gain since mid July, and the first time in 70 months.
However, the contract fell more than 3%, and is expected to record the biggest weekly decline in six weeks, mainly due to the speculation of speculators and the weakening of the US cotton crop belt.
SocieteGenerale in New York
commodity
Director MichaelMcDougall said, "weather is better than previously expected, and the area that had experienced excessive rainfall was dry."
The US dollar index rose 0.12%.
The CRB index fell 0.04%.
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