ICE cotton futures edged higher on Wednesday, after hitting a near two-week low in the previous session, as cautious trading ensured the market stayed within a tight range. "There isn't much to go on right now. Yesterday, it looked like the funds moved a bit to grains, but other than that they have been holding on to pretty large net longs," said Gabriel Crivorot, analyst at Societe Generale in New York.
ICE cotton futures edged lower on Tuesday to hit a near two-week low as traders treaded cautiously following the bearish supply-and-demand report released by the US Department of Agriculture on Thursday. The March cotton contract on ICE Futures US hit a session low of 71.81 cents per lb., the lowest since January 4.
ICE cotton futures slid over 1 percent to hit a one-week low on Thursday after the US Department of Agriculture, World Agriculture Supply and Demand (WASDE) raised its outlook for production and inventories by the end of the 2016-17 crop year. The March cotton contract fell about 1.2 percent at one point to a session low of 72.25 cents per lb, the lowest level since January 4.