ICE cotton futures fell on Friday to end the week down 0.1 percent, as a stronger dollar pressured prices and traders began to sell July contracts and buy December contracts on the first day of the Goldman Sachs Commodity Index roll. "That should support the December, and the July should sell off," Avery Putter, senior options broker at Sweet Futures in New Jersey, said on the impact of the index fund roll period. The July contract's losses on Friday were more extensive than the December contract's losses.
The most-active December contract on ICE Futures US settled down 0.73 cent on Friday, a 1.1 percent loss, at 64.55 cents per pound. It traded within a range of 64.30 and 65.37 cents a pound. The December contract's premium to July rose to 0.54 cent per pound, up from 0.16 the prior session. Total futures market volume rose by 570 to 32,224 lots. Data showed total open interest gained 827 contracts to 186,887 contracts in the previous session.
Certificated cotton stocks deliverable as of June 4 totaled 144,701 480-lb bales, up from 140,119 in the previous session. The dollar index was up 0.90 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 0.38 percent. The Relative Strength Index in the front-month contract fell to 49.903.
Comments
Comments are closed.