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ICE cotton futures ended Friday down 53.68 cents a pound

ICE cotton futures ended Friday down 53.68 cents a pound

by:Jerry Zhuang 2009 browse Time required for reading:five minute

ICE cotton hit its lowest in more than 10 years on Friday as the COVID-19 outbreak intensified concerns about sluggish demand.

ICE May cotton ended down 1.25 cents at 53.68 cents a pound.Trading ranged from 53.20 cents to 56.35 cents.

Bailey Thomen, cotton risk manager at Fositone, said: "The market is not getting any support at the moment."You could see lower export sales in the coming days due to lower demand due to factory closures around the world."

The federal Centers for Disease Control and Prevention (CDC) on Friday reported 15,268 cases of coronavirus infection, an increase of 4,777 from the previous tally, while the death toll rose 51 to 201.

U.S. stocks had their worst week since October 2008, with the Dow and S&P 500 down more than 4 percent on Friday as New York and California imposed strict restrictions to curb the spread of the novel coronavirus, adding to fears of economic damage.

The global economy has fallen into recession as the impact of the epidemic on economic activity has become more widespread, according to a survey of economists.

'Demand damage is real, and while acreage may also fall a bit, we don't think production will fall as much as demand,' U.K. trader Plexus Cotton wrote in a research note.

ICE's stocks of deliverable cotton contract No. 2 stood at 41,404 bales as of March 19, compared with 41,580 bales in the previous session.


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