ICE cotton futures fell for a sixth straight session on Tuesday, touching their lowest level in about two weeks, as harvest-friendly weather in US producing regions weighed down prices. "Harvest weather is perfect ... conditions are ideal in Texas," said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi.
The US Department of Agriculture's weekly crop progress report released on Monday after the market close showed 48 percent of US cotton crops were in good-to-excellent condition, up marginally from 47 percent a week ago. "The market is struggling under the weight of harvest pressure and fears of weak export demand as improving weather conditions in India and Pakistan lead to better yield," said Stephen Platt, analyst at futures brokerage Archer Financial Services.
The December cotton contract on ICE Futures US settled down 0.28 cent, or 0.41 percent, at 68.49 cents per lb. It traded within a range of 68.08 cents per lb, the lowest level since October 12, and 69.14 cents per lb. Total futures market volume rose by 5,294 to 22,533 lots. Data showed total open interest gained 2,573 to 260,404 contracts in the previous session.
Comments
Comments are closed.