DJ MARKET TALK: Cotton Drops to 1-Week Low as Supply Fears Ease

15:29 EDT - Cotton futures shed a good chunk of their gains from last week's rally as concerns about near-term supply tightness were reduced. "We're almost seeing a mini-June, where it's a short-covering rally and then the shorts come back in once they've covered because they're still bearish," says Lido Isle's Jason Rotman. "As long as it's below 80 (cents) it seems pretty bearish," he adds. Stronger US dollar, weaker equities and global glut of the fiber added fuel to the tumble. ICE cotton for December delivery settled 3.5% lower at 74.27c/lb.