The cotton futures price returned to the level of $100 per bale. There are concerns that last week’s heavy rains in Georgia, US, may have damaged the crop.
However, such factors as global consumption decline and India’s growing export keep pressing cotton prices. Yet there are no preconditions to speak about a tendency reversal.
Lust Thursday the price dropped 3% down. The market reached the intra-session low at 96.47 cents but then rapidly recovered. That was the first time in 4 weeks of trading the December contract.
Analysts said the market was waiting for the results of the EU summit.
