Feb. 13 (Bloomberg) -- Cotton futures fell the most in more than a week on signs of rising stockpiles at exchange-monitored warehouses.
Certified cotton inventories at ICE Futures U.S. facilities yesterday reached the highest since May 2011, exchange data show. Trading volumes for futures in New York were more than double the average of the past 100 days, according to data compiled by Bloomberg.
“The rise in certified stocks” is putting pressure on prices, Kona Haque, an analyst at Macquarie Group Ltd. in London, said in an e-mail.
Cotton futures for May delivery slumped 1.1 percent to settle at 82.21 cents a pound at 2:30 p.m. on ICE in New York, the biggest drop for a most-active contract since Feb. 4.