By admin       2016-09-26

Cotton futures slid by over two percent on Friday as traders booked profits after a four-day rally amid fading concerns of damage to crops from rain in the West Texas region. However, the second month contract on ICE Futures, which touched a six-week high on Thursday, notched up the biggest weekly gain since mid-July. "Dry weather is forecast in the Delta region for the next 10 days and that should help harvesting and aid quality of the crop," said Stephen Platt, analyst at futures brokerage Archer Financial Services.The second month December contract on ICE Futures touched a six-week high on Thursday. "The recent hike gave the opportunity to many farmers to fix their crop at relative good levels while the market seems to now be establishing a new 65.40-72.90 cent trading range," INTL FCStone analyst Anestis Arampatzis said in a note. Weather in the US was not as big a threat to the crop as was projected and a correction was due, according to Jobe Moss, a broker with MCM Inc in Lubbock, Texas.The December cotton contract on ICE Futures US settled down 1.64 cent, or 2.29 percent, the biggest one-day percentage fall since September 12, at 70.07 cents per lb. It traded within a range of 69.66 and 71.83 cents a lb. The contract was up 4.14 percent for the week, the biggest gain since the week ended July 15. The dollar index was up 0.04 percent.

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