By admin       2016-07-16

ICE cotton futures rose on Friday for the sixth straight session, ending with their biggest weekly gain in over five years, as speculators continued to feed the rally. "The market has made a parabolic move to the upside this week, with new longs entering the market and many shorts being forced to defend short futures and/or call options," Plexus Cotton said in a note.The cotton market is expected to remain volatile in the near future with a trading range of 68 to 76 cents, the British merchant added. The December cotton contract on ICE Futures US settled up 0.41 cent, or 0.56 percent, at 74.28 cents per lb. It traded within a range of 73.34 and 75 cents a lb, the highest since late June 2014. The contract rose about 13 percent in the week, the most since March 2011. Total futures market volume fell by 7,199 to 25,445 lots. Data showed total open interest gained 3,813 to 225,587 contracts in the previous session. Speculators upped net long positions in cotton by 19,302 contracts to 67,173 in week to July 12, the Commodity Futures Trading Commission data showed.

Download App

# #

Member Login