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Cotton futures settled higher Monday on spillover investment fund buying coming from the firm tone of other commodity markets, and brokers say fibre contracts may try to build on those gains this week. ICE Futures open-outcry December cotton added 0.14 cent to conclude at 64.77 cents per lb, trading from 64.45 to 65.05 cents.
It was an inside day as the range held within Friday's 64 to 65.20 band. March gained 0.05 to 69.20 cents. Three contracts aside, the rest went up 0.12 to 0.30 cent. The ICE December electronic contract rose 0.17 cent to 64.80 cents at 2:45 pm EDT (1845 GMT), dealing from 64.46 to 65.12 cents.
"We're just kind of tagging along with the rest of the world (commodity markets)," said Sharon Johnson, cotton expert for First Capitol Group in Atlanta, Georgia. Fundamentally, the market is keeping an eye on the pace of demand for cotton but the running in Monday's business was provided by the strength of buying in other commodity exchanges.
Wheat prices were up the limit while gold prices were trading just under their 28-year top. A softer dollar and the near record tone of crude prices emphasised the strength of other commodity markets.
"We're floating up because the other markets are so strong. You take that away and you have a really quiet cotton market," a dealer said. Traders said the market will be looking for leads on its next move, and will take a look at the weekly export sales data from the US Agriculture Department on Thursday.
Brokers Flanagan Trading Corp put resistance in open-outcry December cotton at 64.85 and 65.60 cents, with support at 64.05 and 63.25 cents. Open-outcry cotton volume Friday was 5,185 lots, while screen business reached 32,298 lots. Open interest rose 1,654 lots to 248,412 lots as of October 26.

Copyright Reuters, 2007

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