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ICE cotton futures jumped on Wednesday, erasing losses from the prior three sessions as chart patterns suggested the end of a downturn in prices. "You were due for some type of compensatory reaction this morning," said Ron Lawson, a partner at commodity investment firm Logic Advisors in Sonoma, California. Prices failed to rise in the previous session despite a sharply weaker dollar. The dollar was lower against a basket of currencies once again on Wednesday.
Lawson noted that on Tuesday, cotton opened and closed at around the same price, a chart pattern known as a 'doji', that can signal a likely turnaround after recent losses in prices. July cotton on ICE Futures US settled up by 1.64 cent on Wednesday, a 2.6 percent gain, at 65.24 cents per pound. It traded within a range of 63.44 and 65.39 cents a pound.
The December contract's premium to the July contract fell to 0.04 cent per lb, down from 0.46 cent per lb the prior session. Total futures market volume rose by 9,454 to 33,639 lots. Data showed total open interest fell 833 to 187,675 contracts in the previous session. Certificated cotton stocks deliverable as of June 2 totalled 139,272 480-lb bales, up from 134,005 in the previous session. The dollar index was down 0.39 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 0.99 percent. The Relative Strength Index in the most-active contract rose to 53.572.

Copyright Reuters, 2015