Cotton strengthened in response to the expectation of higher export from U.S.
For the first time this week strengthened on the ICE Futures U.S. in yesterday's session, the most active futures contract for cotton. It was a response to yesterday's WASD report, according to which demand for U.S. stocks mentioned commodities increase. The U.S. Department of Agriculture according to the latest data is expected that the export of cotton from the U.S. reached during the current marketing year, which ends on July 31, 13 million bales, up 250,000 bales more than the March estimate. These partially confirms the report of Cotton Association of India, under which import of cotton this year will reach 1.5 million bales, about 300,000 more than the February estimate. Futures for cotton with the July delivery date grew by 1% to the closing price of 87.48 cents per pound weight.The growth continues futures contract price mentioned also in the day, being about 0.37 cents to 87.85 cents per pound.
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