By admin       2018-03-22

ICE cotton futures settled lower in thin-volume trade on Wednesday on speculative selling and profit-taking after prices revisited near one-week highs earlier in the session. ICE cotton contract for May expiry settled down 0.49 cent, or 0.59 percent, at 82.59 cents per lb. The contract traded within a range of 82.54 and 83.86 cents a lb, revisiting a high touched on March 15. "Selling by speculators who are getting out of the market with a profit, combined with a lack of volume, led to today's fall," said Louis Barbera, a broker at ICAP Cotton. On Tuesday, ICE cotton futures rose over 2 percent and marked their biggest daily percentage gain in nearly 2 weeks.... Total futures market volume fell by 14,057 to 23,587 lots. Data showed total open interest gained 3,476 to 272,367 contracts in the previous session. Certificated cotton stocks deliverable as of March 20 totaled 69,167 480-lb bales, down from 76,795 in the previous session. The weekly export sales data from the U.S. Department of Agriculture is due on Thursday. China sold 15,793 tonnes of cotton at an auction of state reserves, according to cotton industry website cncotton.com on Wednesday.

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