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ICE cotton futures rose on Monday, supported by declines in the US dollar and a US government report issued Friday after market close that showed speculators had their smallest net long position since February. "Have more room to come in and buy, as well as continue to cover shorts," Sharon Johnson, introducing broker with Wedbush Securities in Atlanta said of the Commodity Futures Trading Commission report, adding that the December contract's close above its 50-day moving average could attract buyers.
Cotton contracts for December settled up by 0.79 cent on Monday, a 1.2 percent gain, to 65.34 cents per pound. It traded within a range of 64.44 and 65.5 cents a pound. Speculators cut net long position to 14,708 from 21,409 in the latest week. The December contract's premium to the July contract remained unchanged at 0.54 cent per lb.
Total futures market volume fell by 549 to 31,790 lots. Data showed total open interest fell 1,864 to 185,023 contracts in the previous session. Certificated cotton stocks deliverable as of June 5 totalled 147,814 480-lb bales, up from 144,701 in the previous session. The dollar index was down 1.05 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 0.23 percent. The Relative Strength Index in the most-active contract rose to 52.702.

Copyright Reuters, 2015