Trading im the cotton market was early moderately active and prices declined on Liverpool cables, favourable weather and crop advices and the absence of new buying incentives. Finally, the market reacted on covering, the firmness of stocks and some complaints of weevil activity and closed steady, with quotations ranging from 2 to 4 points up.
Prices in the rubber market early advanced on the firmness of London and Wall Street advices. Mixed trading absorbed profit taking and dealer hedge selling. At the last call over, gains of 42 to 46 points were recorded, Wheat prices in Chicago early advanced on the unexpected strength of Liverpool advices and the action of Wall Street, while uncertainty over political conditions in parts of Europe imparted easiness. The belief prevailing that the Farm Bill will tend to curtail the deliveries of farmers was offset by favourable weather reports, a substantial increase in stocks and the slowness of foreign demand. At the final bell, gains of a 15 cent were registered.
The sugar market advanced on producer and foreign buying and covering owing to the official announcement of a five per cent. quota reduction and the early steadiness of Tandon advices, Later, prices seaciei on Cuban selling liquidation am realizing on an easier London closing. At the close, quotations ranged from 1 point down to a % point up.
The silk market early eased on the reaction in Japan, but later firmed up on a better demand, chiefly from the trade, a scarcity of offerings, due to the action of securities, and reports of a fresh inquiry in the spot market. Deliveries during July were estimated at from 33,000 to 35000 bales. Closing quotations were {ror unchanged to 2 cents up.
New York Cotton New York Rubber
Text read from the printed page and cleaned; old type leaves the occasional error.