By admin       2018-01-31

ICE cotton futures fell for a fourth day on Tuesday, hitting their lowest level in nearly six weeks as index funds rolled positions from the front month. The most active ICE cotton contract for March expiry settled down 1.33 cent, or 1.70 percent, at 77.03 cents per lb. It traded within a range of 76.96 and 78.93 cents a lb, hitting its lowest since Dec. 21. "Today is the first day of the Rogers index fund roll so that means there's going to be selling pressure," said Louis Rose, director of research and analytics at Tennessee-based Rose Commodity. "It's difficult for the market to have a sustained rally during the index fund rolls. Every time we spike they want to jump in and sell," Rose said. Total futures market volume fell by 14,390 to 52,355 lots. Data showed total open interest fell 5,847 to 311,545 contracts in the previous session. Certificated cotton stocks deliverable as of Jan. 29 totaled 63,142 480-lb bales, up from 52,645 in the previous session. Elsewhere, Ivory Coast exported 324,726 tonnes of cotton in 2017, down almost 6 percent from the previous year, provisional port data showed on Tuesday.

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