Cotton Futures Can Top $1 In a Decade

The largest (raw) cotton trader told an audience in Dubai today he thinks cotton futures can top $1.00 a pound within a decade as fashion trends shift back to natural fibers. Cotton futures were up seven-tenths of .01 cent today in New York, hovering just above the .61 cent support level for the last week.

Synthetic fibers have taken shares away from cotton and natural fibers recently, but this trend is waning with cotton demand forecasted at 3.7% growth annually. USDA data, however, showed cotton demand in the 2013-14 marketing year which ended July 31st climbing 1.9%.

Cotton futures trend is down with no bottom yet in sight. It appears cotton futures is poised for a relief rally, but I am still looking to be short this market with the mid-50’s the first target area.

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