Cotton gains on mill buying

Cotton futures edged higher on Tuesday and marked its highest one-day percentage rise in about a week, on buying by mills, but gains were capped by a stronger dollar. "There is lot of support under the market from mill fixations," said Peter Egli, director of risk management at British merchant Plexus Cotton. The March cotton contract on ICE Futures US settled up 0.32 cent, or 0.45 percent, at 71.33 cents per lb. It was the highest one-day percentage gain since November 28. It traded within a range of 70.85 cents and 71.69 cents a lb.
Total futures market volume fell by 3,511 lots to 11,561 lots. Data showed total open interest fell 1,566 to 250,974 contracts in the previous session. The dollar index was up 0.39 percent.