ICE cotton futures edged higher on Wednesday, after hitting a near two-week low in the previous session, as cautious trading ensured the market stayed within a tight range. "There isn't much to go on right now. Yesterday, it looked like the funds moved a bit to grains, but other than that they have been holding on to pretty large net longs," said Gabriel Crivorot, analyst at Societe Generale in New York.
For now, the cotton market is moving into a time where "something needs to happen", Ron Lee, general manager at McCleskey Cotton in Bronwood, Georgia said in a note. The March cotton contract on ICE Futures US settled up 0.15 cent, or 0.21 percent, at 72.26 cents per lb. It traded within a range of 72.02 and 72.55 cents a lb. Total futures market volume fell by 5,891 to 19,345 lots. Data showed total open interest fell 560 to 261,756 contracts in the previous session.
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