Cotton futures fell again on Monday as speculative sellers kept looking for a bottom in prices after three straight days of declines last week. "The market's technically driven," said Keith Brown of Keith Brown and Co in Moultrie, Georgia. "We made lows at the end of last week.
That certainly set us up for a negative tone or environment this week."
The New York Board of Trade's December cotton contract ended down 0.44 cent at 54.08 cents per lb, after moving in a 54.75-54.05 cent band. March slipped 0.42 cent to close at 57.54.
Other contracts slid 0.05 to 0.50 cent.
Traders also noted spreads activity as players rolled over from December to March.
They pegged support for December at 52 cents and resistance at 58 cents.
Trade wise, NYBOT said cotton stocks deliverable against its No 2 futures contract rose to 517,272 (480-lb) bales as of August 18, from 502,605 bales the previous session.