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Chinese cotton prices fell more than 1,000 yuan/mt in about ten days, with ZCE futures and spot cotton 3128 both lower. ICE cotton futures dropped to near a five-year low, briefly below 70 cents/lb, and cottonseed prices in Shandong and Xinjiang followed down.
Cotton linter prices held relatively steady despite the decline.
Weaker cotton values and a bearish supply-demand outlook are pulling cottonseed prices lower, which reduces the cost of cottonseed meal for feed buyers. Linter's stability suggests the cottonseed decline is driven mainly by the cotton price move.
cnc.ccfgroup.comJun 19, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
