By admin       2016-08-24

Cotton futures rose marginally on Tuesday to trade in a tight range, even as weekly crop progress data from the US government offered limited support to prices. "The markets are trying to hang on to this uptrend line going back to February and it's anybody's guess whether it'll be successful or not," said Peter Egli, director of risk management at British merchant Plexus Cotton."I don't think the fundamentals are moving the market right now, I think it's more money flow." The US Department of Agriculture's weekly crop progress report released on Monday after market close showed that 47 percent of cotton crops in the United States were in good-to-excellent condition, compared to the 48 percent a week ago.The report was more or less within market expectations, traders noted. However, the condition of the US crop continued to "slowly slide southward," Louis Rose, an independent cotton trader and consultant with Risk Analytics in Memphis, Tennessee, said in a note on Monday. The December cotton contract on ICE Futures US settled up 0.16 cent, or 0.23 percent, at 68.44 cents per lb. It traded within a range of 68.37 and 69.12 cents a lb. Total futures market volume fell by 3,540 to 11,350 lots. Data showed total open interest fell 1,985 to 228,656 contracts in the previous session.

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