Cotton market in the US records drop in line with oil trend and profit taking
Cotton Seed
United States
Market & Price Trends
Published Jan 5, 2024
Tridge summary
The cotton market on the New York Mercantile Exchange ended with lower prices due to the direction of oil and profit-taking by investors. Contracts for delivery in March/2024 dropped by 1% to 80.12 cents per pound, and the May/2024 position declined by 0.92% to 81.32 cents. Volatility and the negative trend in grains on the Chicago Commodity Exchange were also factors, and investors are now awaiting the weekly report on North American exports from the United States Department of Agriculture.
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
The cotton market on the New York Mercantile Exchange (ICE Futures) ended the session with lower prices, reflecting the direction of oil and profit-taking by investors. Contracts for delivery in March/2024 ended the day quoted at 80.12 cents per pound, recording a drop of 0.81 cent, equivalent to 1%. At the same time, the May/2024 position presented a decline of 0.92%, ending the session quoted at 81.32 cents. Volatility marked the session, with the market reversing early morning gains and following the negative trend in grains on the Chicago Commodity Exchange. Furthermore, the drop in oil prices had a negative ...
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