Cotton futures edged higher in thin trade on Monday, as farmers held off selling and prices consolidated after a choppy session on Friday when the US government cut its outlook for global demand and production. Front-month prices hovered throughout the day near Friday's three-week high of 62.24 cents per lb. "Harvest is right in front of us, but farmers won't sell the market," said Jobe Moss, a broker with MCM Inc in Lubbock, Texas.
The US Department of Agriculture on Friday also cut its projections for US supplies. Farmers are beginning to bring in crops in the United States, the world's largest exporter. The cotton contract for December on ICE Futures US settled up by 0.08 cent, 0.1 percent, at 61.69 cents per pound. It traded within a range of 61.51 and 62.19 cents a pound.
Total futures market volume fell by 11,653 to 16,596 lots. Certificated cotton stocks deliverable as of 09Oct15 totalled 43,224 480-lb bales, up from 43,078 in the previous session. The dollar index was unchanged. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 1.46 percent. Specs boosted their cotton net long for the first time in six weeks, the most recent government data showed on Friday.
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