ICE cotton futures edged lower for the second straight session on Tuesday in limited holiday trading, amid a steady dollar.
"The market is calm with minimal activity due to the holidays," said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi.
Speculators dialed back their bullish cotton stance for the first time in five weeks, reducing it by 9,635 lots to 94,010 lots in the week to Dec. 20, U.S. Commodity Futures Trading
Commission data showed on Friday.
March cotton contract on ICE Futures U.S. settled down 0.13 cent, or 0.19 percent, at 69.74 cents per lb. It traded within a range of 69.52 and 70.24 cents a lb.
Total futures market volume rose by 1,263 to 11,037 lots. Data showed total open interest gained 180 to 245,056 contracts in the previous session.
The dollar index was up 0.03 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 1.17 percent.
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