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Cotton News / Cotton Market

ICE COTTON MOSTLY UNCHANGED IN LACKLUSTER TRADING

Print version Print version

June 12 2017

ICE COTTON MOSTLY UNCHANGED IN LACKLUSTER TRADING

June 12 (Reuters) - ICE cotton futures were mostly unchanged
on Monday, holding near two-week lows hit on Friday amid a
weaker dollar.

Cotton contracts for December settled down 0.05
cent, or 0.07 percent, at 72.44 cents per lb. It traded within a
range of 72.33 and 72.64 cents a lb.

"July options are expiring this week... textile mills are
focusing on locking prices for on-call positions and the market
is kind of on a slow reaction process before looking at the
WASDE numbers again," said Anestis Arampatzis, risk management
consultant at INTL FCStone.

"They are too early in the season and talking about cotton
that is still very young and still on the ground. There was no
reason for the market to react aggressively despite the revision
in export outlook."

The government lowered its U.S. export outlook for the new
crop on Friday.

Meanwhile government data on Friday showed that speculators
had cut a net long position in cotton by 6,820 lots to 81,755
lots in the week to June 6.

Intercontinental Exchange (ICE) said on Friday it would
delist all currently listed world cotton futures contract months
as of the start of trading on Monday, and would defer listing
any new contract months.

Total futures market volume fell by 4,185 to 34,669 lots.
Data showed total open interest gained 45 to 232,985 contracts
in the previous session.

Certificated cotton stocks <CERT-COT-STX> deliverable as of
June 9 totaled 456,328 480-lb bales, up from 453,374 in the
previous session.

The dollar index was down 0.10 percent. The Thomson
Reuters CoreCommodity CRB Index, which tracks 19
commodities, was down 0.47 percent.

(Reporting By Nallur Sethuraman in Bengaluru; editing by Diane
Craft)


Source: Reuters










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