By admin       2018-02-20

ICE cotton futures rose for the first time in four days on Friday in low-volume trade ahead of a long weekend, but prices of the natural fiber marked its fourth successive weekly decline. *The most active ICE cotton contract for May expiry settled up 0.39 cent, or 0.51 percent, at 77.16 cents per lb. It traded within a range of 76.47 and 77.25 cents a lb. *Cotton futures registered the fourth straight weekly decline, the longest string of weekly losses since June. It fell about 1.1 percent this week. *"Because it's a low-volume day, it's a Friday before a long three-day weekend, it just seems like things are a little lethargic." said Beau Stephenson, merchant at Omnicotton Inc. *"I think we could read into Thursday's export sales report as more of a long-term bullish play, but outside of that I think everybody is taking a break." *The U.S. Department of Agriculture on Thursday reported net sales of 364,800 running bales for 2017-18, which were down 9 percent from the previous week but up 39 percent from the prior 4-week average. Exports of 324,700 running bales were down 25 percent from the previous week but up 3 percent from the prior four-week average, it showed in its weekly export sales report. *The ICE cotton market will be closed on Monday for the U.S. Presidents Day holiday. Total futures market volume fell by 10,475 to 26,420 lots. Data showed total open interest fell 3,481 to 259,069 contracts in the previous session. *Certificated cotton stocks deliverable as of Feb.15 totaled 91,472 480-lb bales, up from 90,149 in the previous session.

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