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Cotton futures hit record levels on strong demand
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Cotton futures topped $2 per pound for the first time ever on Thursday as global demand outpaced supply.Cotton futures topped $2 per pound for the first time ever on Thursday as global demand outpaced supply.
China is the world's biggest consumer and importer of cotton and its exports in January jumped 34 percent from the year prior to $13.38 billion, according to the Customs Bureau. Moreover, stockpiles monitored by ICE Futures U.S. have declined by 84 percent since June 1, stoking concerns that suppliers will not be able to keep pace with demand. Output has also been reduced in Australia, Pakistan, Russia and other parts of Europe after inclement weather hurt crops.China is the world's biggest consumer and importer of cotton and its exports in January jumped 34 percent from the year prior to $13.38 billion, according to the Customs Bureau. Moreover, stockpiles monitored by ICE Futures U.S. have declined by 84 percent since June 1, stoking concerns that suppliers will not be able to keep pace with demand. Output has also been reduced in Australia, Pakistan, Russia and other parts of Europe after inclement weather hurt crops.
Sid Love, the president of Joe Kropf & Sid Love Consulting Services, told Bloomberg the "bulls have gone berserk, and it looks like they want prices to go higher" than they currently are. "China's demand still remains strong," he affirmed.Sid Love, the president of Joe Kropf & Sid Love Consulting Services, told Bloomberg the "bulls have gone berserk, and it looks like they want prices to go higher" than they currently are. "China's demand still remains strong," he affirmed.
Thursday on ICE Futures U.S. in New York, cotton for May delivery climbed 4 percent, or 7 cents, to trade at $2.0193 per pound.Thursday on ICE Futures U.S. in New York, cotton for May delivery climbed 4 percent, or 7 cents, to trade at $2.0193 per pound.
Before Thursday, cotton futures have increased 35 percent for the year - the most of any of the 19 commodities in the Reuters/Jefferies CRB Index. Before Thursday, cotton futures have increased 35 percent for the year - the most of any of the 19 commodities in the Reuters/Jefferies CRB Index.
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SEASONAL TENDENCIES ARE A COMPOSITE OF SOME OF THE MOST CONSISTENT COMMODITY FUTURES SEASONALS THAT HAVE OCCURRED IN THE PAST SEVERAL YEARS.THERE ARE USUALLY UNDERLYING, FUNDAMENTAL CIRCUMSTANCES THAT OCCUR ANNUALLY THAT TEND TO CAUSE THE FUTURES MARKETS TO REACT IN SIMILAR DIRECTIONAL MANNER DURING A CERTAIN CALENDAR YEAR.EVEN IF A SEASONAL TENDENCY OCCURS IN THE FUTURE, IT MAY NOT RESULT IN A PROFITABLE TRANSACTION AS FEES AND THE TIMING OF THE ENTRY AND LIQUIDATION MAY IMPACT ON THE RESULTS.NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT HAS IN THE PAST, OR WILL IN THE FUTURE, ACHIEVE PROFITS USING THESE RECOMMENDATIONS.NO REPRESENTATION IS BEING MADE THAT PRICE PATTERNS WILL RECUR IN THE FUTURE.
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