ICE cotton fell on Friday as forecasts showed Hurricane Joaquin moving away from the US East Coast, easing fears that the winds and rains associated with the storm could harm yields and quality in the region. "Now that it's moved off, it's not going to affect much," said Bob Champion, a cotton merchant with Loeb & Company in Montgomery, Alabama, noting that the run up in price yesterday was mainly due to concerns the storm would make landfall in cotton-producing states.
December cotton on ICE Futures US settled down by 0.46 cent on Friday, a 0.8 percent loss, at 60.14 cents per pound. It traded within a range of 60.08 and 61.20 cents a pound. Total futures market volume fell by 6,061 to 14,141 lots. Data showed total open interest fell 422 to 188,193 contracts in the previous session. Certificated cotton stocks deliverable as of October 1 totalled 44,757 480-lb bales, down from 44,845 in the previous session. The dollar index was down 0.38 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 0.83 percent. The Relative Strength Index in the most-active contract fell to 36.501.
Comments
Comments are closed.