NEW YORK: Cotton futures edged down on Wednesday to a three-week low, under pressure from spread-related dealings and forecasts of rains in Texas that could ease supply concerns in the top producing state in the United States, dealers said.The most-active July cotton contract on ICE Futures US fell 0.44 cent, or 0.5 percent, to settle at 83.42 cents per pound, down for a third straight session.Prices touched 83.32 cents a lb, the front-month contract's lowest price since May 2.The December contract on ICE, which represents the new crop, closed up 0.24 cent, or 0.3 percent, at 84.39 cents a lb.The December/July spread widened to 0.97 cent, up from 0.29 cent the previous session. December moved into a premium against July on Tuesday for the first time in almost two weeks."We're seeing some increased spread trading that's putting some carry back into the market," said Peter Egli, director of risk management ...
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