Cotton rises to four-week high
Monday, 14 September 2009
NEW YORK, Sept. 13(Bloomberg): Cotton futures advanced to a four- week high on signs that demand may rise as the economy expands in China, the world's largest fiber consumer.
Industrial production in China, also the largest cotton producer, climbed more than forecast in August, lending unexpectedly rose and retail sales advanced. The dollar's slump against major currencies enhanced the appeal of raw materials. The US is the biggest fiber exporter.
Cotton futures for December delivery rose 0.32 cent, or 0.5 per cent, to 61.24 cents a pound on ICE Futures US in New York. Earlier, the price reached 62.29 cents, the highest level for a most-active contract since Aug. 14. The fiber gained 2.7 per cent this week.
Industrial production in China, also the largest cotton producer, climbed more than forecast in August, lending unexpectedly rose and retail sales advanced. The dollar's slump against major currencies enhanced the appeal of raw materials. The US is the biggest fiber exporter.
Cotton futures for December delivery rose 0.32 cent, or 0.5 per cent, to 61.24 cents a pound on ICE Futures US in New York. Earlier, the price reached 62.29 cents, the highest level for a most-active contract since Aug. 14. The fiber gained 2.7 per cent this week.