Oil Reaches Record, Cotton Falls from Record, Sugar Advances
Crude oil reached the highest level in more than two years after a report showed that US inventories of crude declined more than expected. The inventories dropped 5.33 million barrels to 340.7 million last week, while a 3.4
Sugar gained today on speculation that India may delay new exports. India’s government will review its export policy at the end of January. March delivery for raw sugar climbed $0.0011 (0.3 percent) to $0.3313 by 14:00 on ICE.
Cotton dropped by the exchange limit on ICE today on speculation that demand may wane after prices rallied to a record. March futures for cotton delivery slipped as much as $0.05 (3.1 percent) to $1.5412 per pound as of 14:36 in New York. The price reached a record of $1.5912 yesterday.
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