ICE cotton futures rose more than 2 per cent on Friday, hitting their highest level in a month, on lower US dollar and upbeat sentiment in wider financial and commodity markets, reports Reuters.
Cotton contracts for December CTZ4 rose 1.74 cent, or 2.51 per cent, to 71.08 cents per lb at 11:40 a.m. EDT (1540 GMT), having hit theirhighest level since July 22 earlier in the session.
The contract was up 5.8 per cent so far this week.
"Crude oil is trading quite a bit higher, stocks and everything are also up as well... dollar is also down today, so I think all these factors are playing in today," said Bailey Thomen, cotton risk management consultant at StoneX Group.
"Besides that could be a little bit of repositioning ahead of the weekend," added Thomen.
Cotton hits one-month high on dollar slide
FE Team | Published: August 26, 2024 01:07:30
Cotton hits one-month high on dollar slide
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