Cotton at one-year low as investors roll positions

Cotton at one-year low as investors roll positions

Feb 12 (Reuters) - ICE cotton futures slipped more than 1 percent to their lowest since November 2017 after investors liquidated their long positions and rolled over their positions from the front month contract.

* The most active cotton contract on ICE Futures U.S., the March

contract , settled down 0.77 cent, or 1.09 percent, at

69.78 cents per lb.

* The front-month contract fell to 69.72 cents, its lowest since Nov. 17, 2017.

* "The USDA numbers on Friday really decided to weigh down on the prices and there is lot of pressure on the cotton market and there is lot of selling coming in," said Jon Marcus, president of the Lakefront Futures and Options brokerage firm in Chicago.

* "Longs are liquidating, I think everyone is kind of repositioning ... We are seeing some rolling over from March to May," he said.

* The first notice day for the March contact is due on Feb. 22.

* Top U.S. officials arrived in China for trade talks as the two countries attempt to strike a trade deal before a March 1 deadline. President Donald Trump said on Tuesday he would consider extending the deadline if the two sides were close to an agreement.

* Total futures market volume fell by 15,376 to 62,713 lots. Data showed total open interest fell 427 to 244,926 contracts in the previous session.

* Certificated cotton stocks <CERT-COT-STX> deliverable as of Feb. 11 totaled 127,358 480-lb bales, down from 127,446 in the previous session.

(Reporting by Brijesh Patel in Bengaluru; Editing by Steve Orlofsky)

Source: Reuters
You can read the full article here: https://thrakika.gr/en/post/cotton-at-one-year-low-as-investors-roll-positions-h0