Cotton Futures Prices Off
Cotton futures prices slumped for the fourth consecutive session Thursday, with panic selling blamed for the steep decline.
In other markets, grain and soybeans were mostly higher, cattle and pork bellies were mostly lower, while energy and precious metals were higher.
The March delivery on the Cotton Exchange in New York has lost more than 6 cents a pound this week, including two day of limit 2 cent retreats.
This came after the March and May deliveries hit contract highs last week.
“Since then, March lost 803 points to today’s lows and May lost 685 points,” said Ernest Simon, cotton specialist with Prudential-Bache Securities.
At the same time, he said, the Liverpool A market lost 190 points and 155 points, while the world market lost only 71 points.
“This comparison shows the extent of the panic on the New York market,” he said.
The decline has brought futures about 600 points below spot cash prices.
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