Cotton price drops in NY as economic outlook worsens

Cotton price drops in NY as economic outlook worsens
Cotton price drops in NY as economic outlook worsens

Stringer/Reuters

cotton crop

Cotton futures traded on the ICE Exchange in New York tumbled more than 4% to their low-trading threshold on Thursday, as the dollar rose as growing economic concerns soured the fiber demand outlook.

The most active December contract fell 5 cents, or 4.4%, to 108.21 cents a lb. It traded within a range of 108.21 cents and 113.2 cents per lb.

Follow Forbes Money content first hand on Telegram

The contract had risen about 17% in August, its best monthly performance in more than a decade, amid supply concerns fueled by dry conditions in key growing areas.

Macroeconomic headlines are weighing on cotton, along with the dollar’s strength, said Louis Barbera, partner and analyst at VLM Commodities Ltd.

The dollar hit a 20-year high, making natural fiber more expensive for customers holding other currencies.

>> Apply or nominate someone for the 2022 Under 30 selection


The article is in Portuguese

Tags: Cotton price drops economic outlook worsens

PREV Luciano Huck out of Globo? Broadcaster was shocked by the news; know more
NEXT After Monique Medeiros’ release, Jairinho’s lawyers ask for extension of benefit and freedom for the former councilor | Rio de Janeiro
-

-

-

-