How times have changed. Back on
March 8th we mentioned how among all the other high flying commodities like gold and silver, no one was talking about cotton which was up 40% for the year. Once April hit it was a completely different story and cotton gave up almost all of those gains. It made our
Major Market Move feature on June 4th. The downward trend continues... cotton is now trading at 124ish which is 43% off of the high for this year (it's actually bounced back 2% in the time it took me to put together this post).
(Click on the image for a larger view.
Click here for the current cotton futures line chart.)
One theory explaining the decline in prices that I haven't heard discussed is high unemployment around the globe. Without a job, there's no need for a suit. You can lounge around the house all day in boxers,
or even a mumu.
Yes, I'm joking...
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