ICE cotton settled little changed on Wednesday after hitting a 2-1/2 week peak as producers took advantage of the market's move higher this week, in part due to historic rains and floods in the US Southeast, to fix prices as the harvest loomed. "Producers can get a couple of extra cents," said Louis Rose, an independent cotton trader and consultant at Risk Analytics in Memphis, Tennessee.
He noted that the market was likely "not going to see a lot of activity" ahead of Thursday's US export sales report and Friday's US government supply and demand report. December cotton on ICE Futures US settled down by 0.03 cent on Wednesday, a loss of less than 0.1 percent, at 62.05 cents per pound. It traded within a range of 61.78 and 62.48 cents a pound.
Certificated cotton stocks deliverable as of Oct. 6 totalled 44,364 480-lb bales, up from 44,326 in the previous session. The dollar index was up 0.07 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 0.27 percent. The Relative Strength Index in the most active contract fell to 51.980.
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