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MTECHTIPS-Softs- cotton soars 5%, sugar hits 3-week high after China cuts rates
U.S. soft futures were broadly higher during early U.S. morning trade on Thursday, with cotton and sugar prices rallying sharply after China’s central bank lowered its benchmark interest rate to stimulate growth in the world’s top consumer of both commodities.Elsewhere, coffee futures continued to consolidate above a two-year low hit earlier in the week.Farm commodities rallied on Wednesday, boosted by mounting hopes or action by global central banks and other authorities to stimulate growth and boost the world economy.
The soft commodities complex extended gains into Thursday, after the People’s Bank of Chinunexpectedly announced that it had lowered its benchmark interest rate by 0.25% to 6.31% from 6.66% effective June 8.It was the first rate cut since December 2008, when the world economy was in the midst of the financial crisis.
WWW.MTECHTIPS.COM 07489294118
U.S. soft futures were broadly higher during early U.S. morning trade on Thursday, with cotton and sugar prices rallying sharply after China’s central bank lowered its benchmark interest rate to stimulate growth in the world’s top consumer of both commodities.Elsewhere, coffee futures continued to consolidate above a two-year low hit earlier in the week.Farm commodities rallied on Wednesday, boosted by mounting hopes or action by global central banks and other authorities to stimulate growth and boost the world economy.
The soft commodities complex extended gains into Thursday, after the People’s Bank of Chinunexpectedly announced that it had lowered its benchmark interest rate by 0.25% to 6.31% from 6.66% effective June 8.It was the first rate cut since December 2008, when the world economy was in the midst of the financial crisis.
WWW.MTECHTIPS.COM 07489294118
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