Cotton #2 Futures PricesWed, Dec 4th, 2013
Latest Brugler Cotton #2 Report
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Cotton futures closed 32 to 61 points higher on the session. China is offering some of its 10 MMT reserves at auction, but a relatively high price floor and with concerns about quality. Chinese Zhengzhou futures settled mostly lower. The Informa Economics estimate for US cotton production increased to 13.61 million bales(MB) from their November estimate of 13.11 MB. The International Cotton Council cut projected 2013/14 global production by 0.8 MMT to 25.64 MMT. Projected consumption was increased 2% to 23.77 MMT. They currently see global stocks building further in 2014/15 despite Chinese efforts to whittle down inventory. Crude oil prices were up today, which offers support to the price of cotton. ICE Certified stocks were last reported at 206,811 RB, with 4,273 new certs, 23,076 decerts and 0 bales awaiting review. The Cotlook A Index is UNCH at 85.15.
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