By admin       2016-10-20

Cotton futures fell marginally for a second day on Wednesday on harvest pressure and profit-booking as the natural fibre market hovered around the overbought territory. The first-month December cotton contract on ICE Futures touched a more than three-week high of 71.70 cents per lb. on Tuesday, before settling lower to end a four-session rally."I think the rally was sort of precarious," said Louis Rose, an independent cotton trader and consultant with Risk Analytics in Memphis, Tennessee. "I don't believe we will crash to the lower 60's or anything, but we are very likely to trade between a range of 67-68 and 72 (cents) for a while."The December cotton contract on ICE Futures US settled down 0.05 cent, or 0.07 percent, at 71.1 cents per lb. It traded within a range of 70.22 and 71.27 cents a lb. Total futures market volume fell by 4,125 to 23,114 lots. Data showed total open interest gained 6,685 to 252,761 contracts in the previous session. The dollar index was up 0.02 percent. Weekly export sales data from the United States Department of Agriculture (USDA) are due on Thursday.

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