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Cotton Slips on Strong Dollar, Sugar Drops on High Supplies

May 6, 2010 at 23:15 by Vladimir Vyun

Cotton futures slid to the lowest level in four weeks today as the stronger dollar cut a demand for some commodities as alternative assets. The U.S. dollar jumped against the euro on a concern that the debt crisis will spread from Greece to other European countries. Some commodities, including cotton, felt the impact of this situation. July delivery for cotton slid $0.0223 (2.7 percent) to $0.7985 per pound on ICE Futures U.S. in New York.

Sugar dropped to the lowest level in a year on the prediction that growing supplies from Brazil and India will curb the global deficit. Production in Brazil’s Center South, the biggest growing region, in the world, surged 77 percent in the first half of April. The production deficit will total 8 million metric tons this year, compared to the February estimate of 9.4 million tons. July delivery for raw sugar dropped $0.0074 (5.1 percent) to $0.1367 per pound on ICE.

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