NEW YORK: ICE cotton futures fell from a more than nine month peak on Tuesday, set to break seven sessions of gains as higher prices of the natural fibre prompted mills to reduce purchases. The cotton contract for December fell 0.23 cent, or 0.3%, at 70.93 cents per lb by 2:13 p.m. EDT (1813 GMT).
The front-month contract earlier hit its highest since Jan. 14 at 71.65 cents. Cotton prices have risen more than 40% since touching an 11-year low in early April when prices fell below 50 cents because there was no demand at the height of the novel coronavirus pandemic.
Total futures market volume fell by 12,157 to 25,778 lots. Data showed total open interest gained 4,697 to 241,920 contracts in the previous session. Certificated cotton stocks deliverable as of Oct. 19 totalled 29,464 480-lb bales, up from 26,041 in the previous session.
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