By admin       2016-09-03

Cotton futures fell on Friday, ahead of the US holiday weekend, as damage to crops of the natural fibre from a tropical storm churning through the eastern coast of the United States was lesser than initially anticipated. Cotton futures had surged on Thursday to register their biggest intraday percentage gain in about seven weeks on concerns that Hurricane Hermine could hurt crops, with prices supported by strong weekly export sales data and a weaker dollar.Hermine, the first hurricane to make landfall in Florida in more than a decade, has since been downgraded to a tropical storm and is expected to move north-east. "It's not as big an impact as the market acted like on (Thursday)," said Jobe Moss, a broker with MCM Inc in Lubbock, Texas.The second month December cotton contract on ICE Futures US settled down 0.39 cent, or 0.57 percent, at 67.79 cents per lb. It traded within a range of 67.26 and 68.24 cents a lb. The contract registered a decline of about 0.35 percent for the week. The International Cotton Advisory Committee (ICAC) lowered its outlook for inventories for the 2016-17 crop year, according to a report released on Thursday. The dollar index was up 0.21 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 0.95 percent.Total futures market volume fell by 16,752 to 16,026 lots. Data showed total open interest gained 683 to 228,643 contracts in the previous session.ICE Futures US soft agricultural commodity futures and options markets will be closed Monday, September 5, for the Labour Day holiday. It will reopen for regular trade on Tuesday, September 6.

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