By admin       2018-05-10

U.S. producer prices rose only slightly. Oil prices jumped on restoration of sanctions on Iran. Cash online grower-to-business cotton sales of 2,555 bales brought an average of 61.94 cents per pound on The Seam. Cotton futures traded on modest gains in quiet early dealings Wednesday, with July and December confined within the prior-day ranges. July ticked up 32 points to 85.70 cents, trading within a 62-point range between 85.18 cents and 85.80 cents on a contract volume of 2,899 lots. December edged up 15 points to 80.62 cents, trading within a 36-point span between 79.90 cents and 80.26 cents on a turnover of 1,232 lots. In morning news, U.S. producer prices edged only slightly higher last month, a possible sign inflation pressures in the economy remain relatively modest, Dow Jones Newswires reported. The producer-price index, a measure of the prices businesses charge for their goods and services, rose a seasonally adjusted 0.1% in April from a month earlier, the Commerce Department said. Economists had forecast a 0.2% increase. From a year earlier, producer prices advanced 2.6% last month, the smallest annual increase since December. Other gauges broadly show stronger U.S. inflation. The Commerce Department said last week its price index for personal-consumption expenditures was up 2% from a year earlier in March. That was the fastest gain in a year. In ICE cotton futures Tuesday, July extended the big prior-day reversal down off new contract highs, settling below Monday’s low. The inverted July-December straddle traded from 616 to 520 points and narrowed 38 points to settle at a 528-point July premium on a volume of 4,934 lots. December-March traded from an inverted 45 to 26 points and widened a point to close at a 27-point December premium on 1,458 lots. Cash online grower-to-business sales of 2,555 bales brought an average of 61.94 cents a pound on The Seam, while business-to-business sales of 7,362 bales sold for an average of 75.32 cents a pound. Staples 35 or more accounted for 1,996 or 78% of the G2B sales and 7,132 bales or 97% of the B2B sales. All the sales were from the Southwest. Total sales rose to 9,917 bales from 7,925 bales. Offerings were 87,754 bales. The Cotlook A Index of world values gained 140 points to 94.65 cents after not being published Monday because of a United Kingdome holiday, narrowing the premium over prior-session July futures settlement nine points to 8.66 cents. In outside markets, Dow Jones Industrial Average futures ticked up 105 points and S&P futures 9.50 points, with shares of energy companies getting a boost from an oil rally after President Donald Trump pulled the United States out of a nuclear deal with Iran. U.S. dollar index futures dropped 0.265 to 92,695. West Texas Intermediate crude oil jumped $1.71 to $70.77 and Brent crude $1.79 to $76.64, with the re-imposition of far-reaching sanctions on Iran expected to start reducing shipments from the Middle East’s third-largest producer. June gold gained $7 to $1,314.20. July corn was down 0.12%, July soybeans down 0.2% and July Kansas City wheat down 0.98%. Asian stocks closed mixed, up 0.44% in Japan’s Nikkei 225, up 0.44% also in Hong Kong’s Hang Seng, down 0.24% in South Korea’s Kospi and down 0.06% in South Korea’s Kospi. European stocks traded mixed, up 0.41% in Britain’s FTSE 100, down 0.13% in Germany’s DAX and down 0.18% in France’s CAC 40. China’s Zhengzhou cotton futures ended with losses and prices settled mixed on the China National Cotton Exchange. India’s MCX cotton futures were mixed.

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