Saturday, 21 July 2012 01:37
NEW YORK: Cotton futures rose for a third consecutive session on Friday as fibers continued to get a fillip from the soaring grains market and early, tentative supply fears emerged after exchange stocks sank to February lows.
The gains bucked an otherwise dismal sentiment across commodities and financial markets which were spooked about the euro-zone debt crisis after a Spanish region asked for financial aid on Friday.
The benchmark December cotton contract on ICE Futures US nudged 0.43 percent higher to settle at 72.94 cents per lb, after hitting an intraday high of 73.29 cents late in the day.
Trading volume was particularly low though at just over 9,000 lots, with some traders sitting on the sidelines unsettled by the range-bound prices over the past three weeks.
The most-active contract has been trapped in a 4-cent range since the start of July, but spreads with March have narrowed dramatically reflecting early underlying concern about ...