ICE cotton futures fell on Tuesday as China's currency devaluation kindled concerns about demand, though physical buying and positioning ahead of Wednesday's US government supply and demand report limited losses. "The price is right here," said Michael Quinn, president and chief executive officer of Carolinas Cotton Growers Co-operative, noting that current price levels near six-month lows had triggered mill demand.
December cotton on ICE Futures US settled down by 0.14 cent on Tuesday, a 0.2 percent drop, at 61.82 cents per pound. It traded within a range of 61.57 cents and 62.30 cents a pound. * A weekly US Department of Agriculture crop progress report released Monday after the market close showed that 57 percent of cotton bolls planted on US farms had set as of August 2, well below the prior year's level and the previous five-year average.
Certificated cotton stocks deliverable as of August 10 totalled 99,760 480-lb bales, down from 100,781 in the previous session. The dollar index was up 0.2 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 1.6 percent.
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