The New York Board of Trade (NYBOT) is expanding the daily trading limit for its cotton futures. Statement, which issued on Monday said that effective July 26, the "daily trading limit on the Cotton No 2 futures contract months will be raised from 3 to 4 cents per lb on any trading day.
Which follows a day on which either of the two futures contract months with the largest open interest settles at a price of 84.00 cents per lb or higher."
In October 2003, the then spot December cotton contract hit a contract high of 84 cents. On Monday, the December 2004 cotton contract closed 1.58 cents down at 45.04 cents.
NYBOT is one of the premier agricultural exchanges in the world. It trades futures and options contracts for arabica coffee, raw sugar, cocoa, cotton and frozen concentrated orange juice. Cotton stocks fall
Certificated cotton stocks deliverable against New York Board of Trade's No 2 cotton futures contract as of July 26 totalled 89,030 (480-lb) bales, from 110,420 bales the previous session.
There were 0 bales issued, 0 bales awaiting review and 20,741 bales in decertifications.
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