By admin       2018-02-23

ICE cotton futures fell for the first time in 4 sessions on Thursday, losing over 1 percent on the first notice day for the March contract. *The most active ICE cotton contract for May expiry settled down 0.92 cent, or 1.14 percent, at 79.47 cents per lb. *It traded within a range of 79.23 and 80.30 cents a lb, after moving below 80 cents per pound on Wednesday for the first time in almost three weeks. *"The funds have a large net-long position, and had to roll over from March to May. This helped May prices gain a bit more in the last couple of days, and today prices returned some of those gains," said Gabriel Crivorot, an analyst at Societe Generale in New York. *"Today was first notice day, so everyone who is not delivering tried to get out before today." Effective Friday, the daily trading limit for all cotton No. 2 futures contract delivery months will revert to 3 cents per pound above and below the prior-day settlement price, the Intercontinental Exchange said. The U.S. Department of Agriculture on Thursday projected 2018 U.S. cotton plantings at 13.3 million acres. *The weekly export sales report from the USDA has been delayed by one day to Friday, as a result of the U.S. Presidents Day holiday on Monday. *Total futures market volume fell by 24,532 to 26,681 lots. Data showed total open interest gained 1,119 to 252,971 contracts in the previous session. *Certificated cotton stocks deliverable as of Feb. 21 totaled 93,388 480-lb bales, up from 92,923 in the previous session

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