Cotton futures forecast to slip

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Cotton futures are projected to slip in India due to sharp increases in production, according to the Times of India.

A farm crisis in the subcontinent already has pulled down the price of the soft commodity and inventories are forecast to gain in January. That is likely to push cotton even lower, according to a veteran farm activist in the nation. Prices of the soft commodity were higher last year, according to the news source.

But the Business Recorder reports that market for the soft commodity has been fluctuating this week since both buyers and sellers are working hard at gaining the advantage over one-another. Ginners of cotton are apprehensive about selling the soft fiber at reduced prices though reports state the market remains full of buyers who are acquiring it at high prices as a method of fulfilling short-term demand.

At 2:22 p.m. on Monday, cotton futures slipped 0.0005 percent, a 0.0004 cent loss to 73.87 cents per pound.

The record price of cotton futures is $2.197 per pound as established on March 7, 2011.

Source: danielstrading.com

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