ICE cotton futures fell on Friday as investors liquidated long positions ahead of the first notice day for the July contract next Wednesday, as the spread between July and the most-active December contract remained relatively stable. "There's a lot of forced moves as opposed to chosen moves," said Ron Lawson, a partner at commodity investment firm Logic Advisors in Sonoma, California.
December cotton on ICE Futures US settled down by 0.82 cent on Friday, a 1.3 percent loss, at 63.90 cents per pound. It traded within a range of 63.50 and 64.75 cents a pound. December's premium to July fell to 0.58 cent per lb, down from 0.64 cent per lb the prior session. Total futures market volume fell by 68 lots to 18,562 lots. Data showed total open interest fell 320 lots to 164,451 contracts in the previous session.
Certificated cotton stocks deliverable as of June 18 totalled 175,728 480-lb bales, up from 174,623 in the previous session. The dollar index was up 0.01 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 0.89 percent. The Relative Strength Index in the most-active contract fell to 44.292.
Comments
Comments are closed.