Commodity Morning Call: Cotton futures buoyed by Fed Chairman’s downbeat comments

Cotton futures rose to 91c per lb during Asian trading (a 3-week high) on increased speculative interest. Demand for commodities was supported by comments from US Federal Reserve Chairman Bernanke who suggested that recent falls in US jobless numbers may be temporary. The comments encouraged investors who had begun to doubt the central banks forecast of exceptionally low interest rates until late 2014.

Brent crude futures declined 0.2% to around $125 per barrel on forecasts of higher US crude inventories. A Bloomberg survey showed that analysts forecast US DOE crude stocks rose by 2.8 million barrels in the past week. Data to be released tomorrow.

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