ICE cotton futures edged up in thin trading on Monday, with traders awaiting the US Department of Agriculture's weekly crop progress report after market close.
"Rains in Texas have been beneficial. We haven't seen anything in the Commitments of Traders report that will make us think we're going to move a lot higher right now so it's just not really a strong moving force in the market today," said Louis Rose, co-founder and director of research and analytics at Rose Commodity Group.
Speculators raised their net long position in cotton in the week to April 25, by 10,429 contracts to 95,359, US Commodity Futures Trading Commission data showed on Friday.
"I don't think there's a lot of interest in getting back into the market ahead of the report this afternoon," Louis added.
The July cotton contract on ICE Futures US settled up 0.08 cent, or 0.1 percent, at 78.95 cents per lb. It traded within a range of 78.51 to 79.20 cents a lb. Total futures market volume fell by 9,350 to 14,760 lots. Data showed total open interest gained 1,330 to 254,681 contracts in the previous session.
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