Colosseum a.s. (Colosseum a.s.)
Commodities  |  March 18, 2013 13:14:28

Cotton is still high, but today, minor corrections

ColosseumUnusually strongly in the past week, more expensive cotton. Gradually, as the days of the week went, so the price was broken up more and more new highs eventually ended up at 11-month high. This is due to strong demand for U.S. cotton and rising consumption in China. Based on data from the U.S. Department of Agriculture cotton exports in the period from last year's first August 7th this year March increased by 21% to 6.77 million bales. The paradox is that the area of ??land for the cultivation of cotton in the U.S. is declining, as many farmers transferring the land into other, more lucrative crops for them. This once again pushing up prices. U.S. Department of Agriculture also expected to increase cotton imports by China of 7.1%. The reason is that the Chinese government is considering to April release quota for imports of cotton in the country.Since the beginning of the year has already seen a rise in cotton prices by more than 23%, the highest of all the raw materials from the index Standardandamp; Poor's GSCI. On Friday, May cotton futures contracts on ICE Futures U.S. closed at the price of 92.50 cents per pound weight. Only today it looks like if a correction at 13:00 our time in May contracts for cotton attacking cost 90.71 cents. This means in practice that was not yet deleted the whole Friday's surge.

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