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Cotton Heads to Biggest Decline in a Year amid Poor Data

May 30, 2013 at 21:19 by Vladimir Vyun

Cotton declined today as poor macroeconomic reports made traders less willing to risk. The fiber was heading to the biggest monthly drop in a year. The commodity has started its decline on May 20 on concerns that demand from China will wane as nation’s economic growth slowed.

The reaction of the agricultural commodity to the news was a bit surprising. Other raw materials, including gold and oil, rallied on speculations that the bad fundamentals will force the Federal Reserve to maintain stimulus. Yet cotton did not join the rally and continued to fall.

Cotton futures for delivery in July slipped $0.0057 (0.71 percent) to $0.8013 per pound as of 21:17 GMT on ICE today.

If you have any questions and comments on the commodities today, use the form below to reply.

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