Cotton Rebounds On High Demand, Limited Supplies
1457 EDT [Dow Jones] - Cotton futures bounced back Friday on continuing
worries supply will not meet growing global demand. Despite a nearly 50% drop
in U.S. export sales in the latest weekly report, purchases remain well ahead
of last year's pace as mills rush to replenish their inventories. The
historically high futures might discourage some buying, analysts say, but heavy
Chinese demand should support the market into the near future as the world's
largest consumer tries to make up for its damaged crop. ICE December cotton
settled 3.58 cents, or 3%, higher at $1.2526 a pound.
worries supply will not meet growing global demand. Despite a nearly 50% drop
in U.S. export sales in the latest weekly report, purchases remain well ahead
of last year's pace as mills rush to replenish their inventories. The
historically high futures might discourage some buying, analysts say, but heavy
Chinese demand should support the market into the near future as the world's
largest consumer tries to make up for its damaged crop. ICE December cotton
settled 3.58 cents, or 3%, higher at $1.2526 a pound.
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