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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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Textile firm leader predicts cotton futures will surge

Mar 29, 2012 12:22 PM

Cotton futures are forecast to spike upward in value later this year as the globe's top consumer is projected to import more of the soft commodity, the president of a textile firm told Bloomberg.

Less than 13 months after cotton notched an all-time high price, president Zhang Hongxia with Weiqiao in Hong Kong said China this season will import 18.5 million bales. That would mark the largest import in six years and an increase of 54 percent more than last year.

"Things are looking to pick up in the industry at the beginning of this year, as far as we can see we are running at full capacity in the first two months and our end-product cotton yarn inventory has been reduced by 12 percent during the period," Zhang said. "Cotton demand is set to rise this year and the price gap between foreign and local cotton will narrow steadily."

At 12:22 p.m. on Thursday, cotton futures fell 0.8 percent, a 0.75 cent slip to 93.28 cents per pound.

The record price for cotton futures is $2.197 per pound as established on March 7 of last year.

Reuters reports a survey indicated cotton plantings in the U.S. decreased 13 percent as compared to last year's figures.

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