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US cotton futures post another record high
18 Oct '10
2 min read
A rally in the cotton market of China on high demand and restricted international supply of cotton fibre has caused the U.S. cotton futures to bounce over four percent to create a record high growth. Cotton prices in China touched the upper four percent limit when compared with the previous session.
US cotton futures contracts for December touched a record high of US $1.198 per lb in Asian trade. According to the China Cotton Association, cotton imports in China in the month of September, 2010, amounted to 201,000 tons, which indicated an increase of 97 percent, from a year ago.
The China Cotton Association has cut its projection of China's cotton yield to 6.64 million tons. This is the second cut in its estimate in a period of more than two weeks. On 29th September, it had estimated a yield of 6.7 million tons, which is less than the first estimate of 6.96 million tons.
The latest estimate would indicate a drop of 5 percent from the forecast of previous year's yield of 7.0 million tons, however the Chinese administration announced last year's yield at 6.4 million tons. It is less than the U.S. Department of Agriculture's forecast of 32 million bales or, 6.976 million tons.
US cotton futures contracts for December touched a record high of US $1.198 per lb in Asian trade. According to the China Cotton Association, cotton imports in China in the month of September, 2010, amounted to 201,000 tons, which indicated an increase of 97 percent, from a year ago.
The China Cotton Association has cut its projection of China's cotton yield to 6.64 million tons. This is the second cut in its estimate in a period of more than two weeks. On 29th September, it had estimated a yield of 6.7 million tons, which is less than the first estimate of 6.96 million tons.
The latest estimate would indicate a drop of 5 percent from the forecast of previous year's yield of 7.0 million tons, however the Chinese administration announced last year's yield at 6.4 million tons. It is less than the U.S. Department of Agriculture's forecast of 32 million bales or, 6.976 million tons.
Fibre2fashion News Desk-India
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