Cotton futures on the ICE fell for the fifth straight session in the week of 22 May, ending their worst week in more than six months as stronger US$ continued to prompt speculator liquidation, though traders noted prices remained locked in a tight trading range. July contract settled down US cents 3.54 or 5.3 per cent n the week to US cents 63.30 per pound.
Cotton yarn spinning has become more profitable now, but for how long?
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Cotton yarn making has become more profitable now than considered, three months ago. And this has been facilitated by the rapid fall in cotton fibre prices over the same period. The margins have improved in all the three major cotton yarn producing economies of China, India and Pakistan. On an average, cotton prices have declined by between 15-25 per cent between June and end-September while cotton yarn prices have bucked 5-9 per cent in the comparable period.
Cotton prices trend on climatic conditions, rains still trailing in India
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Cotton prices changed marginally opening the week, yesterday. The US cotton futures closed down 0.05 per cent on the day with the benchmark December contract on ICE Futures at US cents 66.15 per pound, paring losses after sinking near the key support level of US cents 65.
Rain in Texas subdues cotton prices, crop arrivals begin in Pakistan
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Widespread precipitation last weekend in US largest cotton growing region, Texas has raised prospect of a bountiful crop in the coming season. This has an adverse impact on cotton prices with the US cotton futures' benchmark contract falling on 16 June.
However, mill buying supported prices for the old cotton crop traded via the July contract on ICE Futures US which is due to expire on 9 July. The most-active December contract was bearish through the day, dealers reported.
