- Cotton futures headed for the biggest drop in four months due to pressure from an improving supply outlook and signs that China s appetite for supplies from top shipper U.S. has slowed.
None of Google s Biggest Moonshot Is Its Search for a Carbon-Free Future?
None Beef Industry Tries to Erase Its Emissions With Fuzzy Methane Math Math.
Even as Chinese exports sales climbed in the week to Oct. 14, they were down from a recent peak in September, with American purchases staying below a recent weekly peak. Across commodities, there are fears that rising inflation may curb the economic growth and cool demand.
The Chinese purchases were not what many people had expected after rumors of much bigger buys, said Peter Egli, the Chicago-based director of Plexus Cotton Ltd. In addition, harvest pressure is building as crops start to move from key growers following earlier delays, he said.
In the U.S. top grower Texas will have favorable weather the next two weeks for the harvest to advance, with the bulk collected next month, said Drew Lerner, president of World Weather Inc. In India, the world s biggest producer, conditions have also improved as has the status for China crops, especially in its top producer Xinjiang, after too much moisture earlier in the season raising quality and yield concerns, he said.
Cotton for December delivery fell 4.1% to $1.0623 a pound at 1: 43 p.m. in New York City. The price is up 36% this year on projections for two straight world deficits through July 2022.
Meanwhile, the market is still wrestling with the net impact on China s overall import strategy following the international backlash against cotton from Xinjiang, which accounts for more than 80% of total production.
While the country faces pressure to diversify its reserves to comply with international demands, it rejected the labor abuse claims and it s not clear Washington can stop the Asian giant from using stockpiles to make garments, given the origin of the fibers used is very difficult to trace, said Louis Rose of Rose Commodity Group in Tennessee.
Lawmakers asked the U.S. Customs and Border Protection about its enforcement of the ban on Thursday, saying the upcoming National Basketball Association season raises concerns about endorsement deals with Chinese sportswear companies including Anta, Peak and Li-Ning. The country s total imports tumbled in September.
In other soft commodities, Brazilian coffee futures turned lower in their widest trading range of the week, under pressure from improving crop weather and the weakening arabica currency. The weaker real boosted the incentive in Brazil to sell the commodity in U.S. dollars since it increased the sales price in the world s biggest producing nation.
How Donald Trump, Elon Musk, and Gwyneth Paltrow Short-Circuit Your Ability to Think Rationally?
Homeopathy Doesn't Work. None These out-of-work Americans tell us Job market turmoil is nothing but transitory.
What Does My Brain Scan Revealed About the Science of Persuasion?
None Jane Fraser Has a plan to Remake Citigroup While Tormenting Rivals.