Cotton Futures Reached the Two-Week High; Coffee Advanced
Cotton futures reached the two-week high as demand as a falling dollar increased the demand from speculators for the U.S. exports. The dollar weakness makes commodities from the U.S. cheaper for overseas buyers, supporting cotton prices. Commodities are also used by investors as a hedge against inflation. December futures for cotton delivery gained $0.011 (1.7 percent) to $0.6876 per pound as of 9:18 on ICE Futures U.S. in New York.
Coffee advanced in New York as a declining dollar lowered pressure on the market. The dollar dropped 0.8 percent against the euro. Many sellers aren’t working today in Brazil because of a public holiday, therefore also easing selling pressure on market. December futures for Arabica-coffee delivery advanced $0.135 (1 percent) to $1.3685 per pound by 10:25 on ICE.
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