By admin       2017-11-03

Nov 2 (Reuters) - ICE cotton futures rose on Thursday, registering their biggest one-day percentage gain in nearly two weeks on supportive export sales data from the U.S. Department of Agriculture (USDA). Cotton contracts for December settled up 0.91 cent, or 1.33 percent, at 69.08 cents per lb. They traded within a range of 68.11 and 69.3 cents a lb, the highest since Oct. 25. The contract registered its biggest one-day percentage gain since Oct. 23. "We had pretty good export sales today morning. (Sales) were well above the weekly pace required to meet the USDA's export projection and that was supportive," said Louis Rose, co-founder and director of research and analytics at Rose Commodity. Earlier in the day, the USDA reported net upland sales of 209,500 running bales (RB) for the 2017-18 marketing year and 47,100 RB for the 2018-19 marketing year in its weekly export sales report. "I don't think the trade is really concerned about the shipments phase just yet because the pipeline has been so dry," Rose said. "We're also at a period on the December contract between the Rogers and the Goldman (index fund) rolls where there isn't as much pressure to sell the market as it goes up." Total futures market volume rose by 3,117 to 40,087 lots. Data showed total open interest gained 437 to 234,555 contracts in the previous session. Certificated cotton stocks deliverable as of Nov. 1 totaled 26,759 480-lb bales, up from 1,711 in the previous session. The dollar index was down 0.09 percent. The Thomson Reuters CoreCommodity CRB Index , which tracks 19 commodities, was up 0.10 percent. (Reporting by Nithin Prasad in Bengaluru.

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