Cotton falls for the second day in NY, approaching new one-month low
Cotton Fruit
Market & Price Trends
Published Mar 21, 2024
Tridge summary
Cotton futures in New York have dropped for a second consecutive session, hitting their lowest level in nearly a month due to a strengthening dollar and negative sentiment in the oil and gas markets. The May cotton contract fell 1.26% to 92.19 cents per pound, the lowest since February 21. The rise in the dollar index, reaching its highest value in over two weeks, has made natural fiber more expensive for overseas buyers, leaving US cotton uncompetitive compared to Brazil and Australia.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
(Reuters) - Cotton futures traded in New York fell for a second consecutive session on Wednesday, reaching their lowest level in almost a month, due to a recovery in the dollar and "bearish" sentiment in the oil and gas markets. actions. The May cotton contract fell 1.17 cents, or around 1.26%, to 92.19 cents per pound, at around 3:30 pm (Brasília time). The contract reached its lowest level since February 21. The dollar index hit its highest value in more than two weeks, up about 0.4%, making natural fiber more expensive for overseas buyers. Putting pressure on the cotton market, "we see a very firm US dollar... and we also see pressure on other soft commodities like sugar, coffee ...
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