iNVEZZ.com Thursday, July 11th: Switzerland-based Glencore Xstrata PLC (LON:GLEN) will buy more than half of U.S. cotton exchange stocks, a purchase worth more than $150 million, in the commodity trader's biggest push into fibre since losing $300 million in the volatile market three years ago, Reuters reported yesterday.
Quoting unnamed U.S. traders, Reuters said that Glencore would take 400,000 bales of cotton against the July contract that expired on Tuesday on ICE Futures U.S. This will represent the largest delivery for a July contract in at least five years, removing more than half of certified exchange stocks from the market and potentially fuelling concerns about shrinking U.S. supplies and a small U.S. crop due to a drought heading into the 2013/14 season on August 1.
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