Saturday, 23 February 2013 03:11
NEW YORK: Cotton slipped from earlier gains on Friday, posting a third straight weekly loss, as strong US export data failed to outweigh consolidation after the fiber reached nine-month highs earlier this week.
The most-active May cotton contract on ICE Futures US slid 0.09 cent, or 0.1 percent, to settle at $83.14 cents per pound on Friday.
Friday's fall came in afternoon trading after cotton had been up for much of the day, supported by strong weekly US export data. A large commercial net short position pulled prices back from highs this week to its previous trading range.
"There was still enough opposition by the trade to reject further advances for now, forcing the market to retreat," said Peter Egli, director of risk management for Plexus Cotton Ltd, a British-based medium-sized merchant.
Prices rose as high as 85.24 cents a lb on Wednesday, the highest since May 2012. They failed to retain the momentum ...