Colosseum a.s. (Colosseum a.s.)
Commodities  |  March 26, 2013 13:14:28

Cotton fell to a nine minimum



ColosseumWeakening the minimum nine scored in yesterday's trading session on the exchange ICE Futures U.S. The most active futures contract for cotton. While cotton entered the longest decline in prices of the last six months. This was due to the increasing number of speculations according to which global supply markedly exceed demand. Analyst firm Cotlook Ltd.. predicted that global surplus achieved in cotton marketing year beginning August 1 1725 million metric tons. Furthermore, the area for cotton production in the U.S. could be up to 11 million acres, which would expand by 10% from the February estimate of the U.S. Department of Agriculture. According to independent sources, it is possible that the increase in cotton prices in the last four months by 22%, could influence the decisions of U.S. farmers and get them planted more cotton than expected U.S. Department of Agriculture in MarchWASD report. Cotton futures for the May delivery date weakened in yesterday's trading day on the stock exchange ICE Futures U.S. by 0.8% to the closing price of 86.59 cents per pound weight.

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