Saturday, 03 March 2012 01:26
NEW YORK: Cotton futures ended lower Friday for the third session in a row in the face of a stronger dollar and investor selling, and analysts said the weak tone should persist into next week.
Benchmark May cotton on ICE Futures US fell 1.44 cents or over 1.5 percent to conclude at 88.23 cents per lb, trading from 87.80 to 90.50 cents. For the week, cotton shed 2.13 percent.
Volume traded Friday was around 18,100 lots, preliminary Thomson Reuters data showed, down slightly from Thursday's tally of 18,504 lots.
Sharon Johnson, senior cotton analyst at commodities brokerage Penson Futures in Atlanta, Georgia, said the December low around 84.25/35 cents would be a "valid target" for the market.
"The dollar is very strong today and that is not helping the cause a bit," she said.
Traders said the failure of key May to establish itself above the 93 and 94 cents area of resistance prompted investors ...