Cotton up slightly on bargain hunt, grains' rebound

Cotton up slightly on bargain hunt, grains' rebound

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* Cotton market appears supported at lower prices
* Resilient in face of sharp decline in crude oil
* Positive U.S. export data, Fed stimulus help

NEW YORK, Sept 19 (Reuters) - Cotton ended up slightly on
Wednesday, lifted by bargain hunting and a rebound in other
agricultural commodities after the previous session's steep
selloff.
Cotton's resiliency - amid a plunge of around 4 percent in
crude oil futures - suggested investors are buying while prices
are sharply below those seen earlier this year, analysts said.
The market's strength "might be more a reflection of demand
starting to generate at these lower levels", said Stephen Platt,
analyst at futures brokerage Archer Financial Services.
"As the harvest progresses here, we will see how the quality
of the crop shapes up," Platt said.
The U.S. ICE December cotton contract settled up 0.39
cent at 76.41 cents per lb, after moving between 75.56 and 76.58
cents.
Cotton has rallied in recent sessions on positive U.S.
export sales data and fresh stimulus measures by the U.S.
Federal Reserve.

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