Cotton off three-week high

By admin       2016-09-09

Cotton futures edged lower on Thursday, after hitting a three-week high in the previous session, as the commodity traded in a tight range ahead of weekly export sales data from the US Department of Agriculture due on Friday. A marginally higher US dollar weighed on prices, according to Louis Rose, an independent cotton trader and consultant with Risk Analytics in Memphis.Rose added that Friday's export sales data needs to show net upland sales greater than 350,000 running bales, as compared to 309,200 RB last week, for the natural fibre to sustain its rally ahead of the World Agricultural Supply and Demand Estimates (WASDE) report from the US government on Monday. The second month December cotton contract on ICE Futures US registered a rise of 2.2 percent this week so far. The December cotton contract on ICE Futures US settled down 0.25 cent, or 0.36 percent, at 69.29 cents per lb. It traded within a range of 68.92 and 69.53 cents a lb. The dollar index was up 0.12 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 1.73 percent.

Download App

# #

Member Login