Monsoons prompted farmers to plant more fiber, the Cotton Associations of India said this week. China ordered banks to set aside larger reserves for the second time in two weeks, draining cash from the financial system. Cotton in New York plunged the most allowed by ICE Futures U.S., heading for the biggest drop since June 2009. Yesterday, the price jumped 4 percent.
“The market is on a teeter-totter,” said Tom Reardon, the president of Delta Brokerage in New York. Cotton is in “an area where the slightest news is throwing the market back and forth in a kind of overdone fashion,” he said.
Cotton futures for March delivery fell by the exchange maximum of 6 cents, or 4.6 percent, to $1.2315 a pound at 10:01 a.m. on ICE Futures U.S. in New York. A close at that level would leave prices down 8.2 percent this week, the most since February 2009.
Yesterday, prices surged 5 cents, the previous limit. Before today, the commodity gained 71 percent this year, reaching a record $1.5195 on Nov. 10, amid surging demand by China, the biggest consumer, and plunging inventories in the U.S., the leading exporter.
“It is hard to see how U.S. cotton futures will move much higher,” Sharon Johnson, a senior analyst at Penson Futures said yesterday in a report. She cited “China’s macro efforts to contain cotton prices” and “a larger cotton crop in India.”
Output in India in the year that started Oct. 1 may reach 35.7 million bales, up 3.6 percent from the September forecast, the cotton association said on Nov. 16.
India’s textile industry will hold a nationwide strike today, the Economic Times said, citing Premal Udani, the chairman of the Apparel Export Promotion Council.
Manufacturers and exporters of textile and apparel products, with annual shipments of more than 500 billion rupees ($11.1 billion), will protest higher raw-material prices, according to the report.
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