Saturday, 18 May 2013 03:37
Posted by Abdul Ahad
NEW YORK: ICE Cotton futures edged up on Friday in light trading volume, supported by outside commodities and financial markets and scaled-down mill buying, dealers said.The most-active July cotton contract on ICE Futures US edged up 0.38 cent, or 0.4 percent, to settle at 86.41 cents per pound. The spot-contract was little changed from last week's close.The Thomson Reuters-Jefferies CRB Index, a benchmark for global commodities, posted gains.Global equities markets rose on speculation that the US Federal Reserve would begin to dial back its asset-buying program and as consumer sentiment rose to a near six-year high.An improvement in consumer sentiment is often interpreted as bullish for rising demand for consumer goods, including apparel.Trade buying was limited throughout the week."We're selling a little bit of cotton every day, but we're still a ways from where the majority of purchases would be. Mills are standing tight, waiting," said Sharon Johnson, a cotton ...