By admin       2018-02-07

ICE cotton down on fund rolls, liquidation ICE cotton futures fell for a third day on Tuesday to settle near a seven-week low, as index funds rolled their positions and investors liquidated ahead of a monthly U.S. government report. The most active ICE cotton contract for March expiry settled down 0.38 cent, or 0.50 percent, at 76.19 cents per lb. The contract traded within a range of 75.85 and 76.8 cents a lb, marking its lowest since Dec. 21. "We're in the roll period and nobody really wants to add length or short the March contract," said Louis Rose, director of research and analytics at Tennessee-based Rose Commodity. "March contract is short lived and we're about to get a WASDE report which can produce surprises so I think you're probably going to see (trading) like this until we see that data release." The U.S. Department of Agriculture's (USDA) World Agricultural Supply and Demand Estimates (WASDE) report is due on Thursday. Total futures market volume rose by 775 to 58,337 lots. Data showed total open interest fell 1,732 to 298,177 contracts in the previous session. Certificated cotton stocks deliverable as of Feb.5 totaled 73,016 480-lb bales, up from 72,646 in the previous session. Reuters

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