By admin       2016-11-16

Cotton futures edged higher on Monday after trading in a fairly tight range, as gains on talk of a downward revision in production by China were capped by a stronger dollar. "The two forces balanced each other out," said Gabriel Crivorot, analyst at Societe Generale in New York.China is reportedly reviewing cotton output expectations because of weather-related crop damage, he said. The dollar rose to an 11-month high against a basket of major currencies on Monday, in step with a jump in US bond yields as traders bet fiscal and trade policies under a Donald Trump administration would stoke inflation.The March cotton contract on ICE Futures US settled up 0.28 cent, or 0.41 percent, at 69.31 cents per lb. It traded within a range of 68.55 and 69.6 cents a lb. Total futures market volume fell by 57,746 to 35,812 lots. Data showed total open interest fell 5,021 to 245,704 contracts in the previous session. The dollar index was up was up 0.98 percent on Monday. The greenback rose to its highest in 11 months against a basket of major currencies on Friday.

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