Published On: Nov 26, 2022 by Yarn
Improving sentiment amid lower output lifted the US cotton futures price over the past month as the market rebounded after hitting a near two-year low in October.
The benchmark Intercontinental Exchange (ICE) cotton contract for December delivery settled at 81.16 cents a pound on 21 November, up 2.6% a month earlier. In October, cotton futures price plunged to $72.11 on 23 October, the lowest since 27 December 2020 as global demand weakened on the looming recession.
However, early November saw the easing of China’s zero-Covid policy, with the Chinese government cutting the number of quarantine days. This lifted market sentiment on improving cotton demand in the world’s largest cotton yarn importer
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