Cotton futures dipped on Monday, settling lower for the fifth straight session, on commercial hedge pressure as the market awaited a crop progress report later in the day. The December cotton contract on ICE Futures US hit a low of 68.53 cents a lb on Monday, a bottom since October 13. "I think we are seeing hedge pressure," said Keith Brown, principal at cotton brokers Keith Brown and Co in Moultrie, Georgia.
The December cotton contract on ICE Futures US settled down 0.3 cent, or 0.43 percent, at 68.77 cents per lb. It traded within a range of 68.53, the lowest since October 13, and 69.19 cents a lb. The dollar index was up 0.06 percent. ICE cotton speculators raised net long positions by 10,528 contracts to a three-week high of 80,177 contracts in the week to October 18.
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