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ICE Cotton Settles Up 1.26 Cents At $1.3552 A Pound |
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2010-11-4
Cotton futures settled up 1.26 cents a pound at $1.3552cents a pound on the ICE Futures U.S. exchange as little appears in sight toassuage demand. The main draw is coming from cotton mills that have orders tomeet for, for instance, major U.S. retailers. "The mills have to try to satisfyall the orders they've taken," noted John Flanagan, president of FlanaganTrading Corp. in Fuquay-Barina, N.C. "Prices inside China are above $2 [apound]," Flanagan said, adding that "although we're at record highs, it's stilla great bargain" in the U.S. In fact, the possibility is growing forarbitrage--for someone to purchase U.S. cotton and sell it in China.
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