1522 EDT [Dow Jones] -- ICE cotton futures closed firmer but off session
peaks, as an early run to session highs lost follow-through momentum and
sellers appeared. The market activated buy stops, preprogrammed buy orders,
which boosted the early rally. Traders took profits and some merchant selling
was also reported near the highs, says Sharon Johnson, analyst at First Capitol
Group in Atlanta. The Pakistan cotton crop is expected to see production losses
between 11% and 14%, trade sources say. An official with the Pakistan Ginners
Association preliminarily pegs the losses at a higher 18%. Volume is estimated
at 9,615 contracts, with 6,052 calls and 1,470 put options traded. Most active
Dec cotton on ICE gained 0.54 cent, or 0.65%, to 84.09 cents a pound.