After the US lowered its cotton production projections by around 15 percent, cotton prices rose to their highest in six months in New York.
“Futures for December delivery rose by 3.1 percent, which is the biggest intraday gain in a month, to 88.8 cents per pound,” media reports stated.
According to the report, 88.3 cents per pound is the highest price for a most-active contract since January 2023.
The US is expected to harvest the smallest cotton crop since 2015, following drought-led losses, which will tighten global supplies of cotton, when it is expected that cotton imports from China may rebound.
“Futures for December delivery rose by 3.1 percent, which is the biggest intraday gain in a month, to 88.8 cents per pound,” media reports stated.
According to the report, 88.3 cents per pound is the highest price for a most-active contract since January 2023.
The US is expected to harvest the smallest cotton crop since 2015, following drought-led losses, which will tighten global supplies of cotton, when it is expected that cotton imports from China may rebound.