ICE cotton futures were little changed on Wednesday, rising slightly in low-volume trading ahead of a US government export sales report expected in the next session, as prices continued to consolidate in an increasingly tight range. "Most people were keeping their powder dry," said Chris Kramedjian, a risk management consultant at INTL FCStone in Nashville, Tennessee, noting that today was the first notice day for the July contract. "Most of the mills that needed to take action versus the July contract have already done that."
December cotton on ICE Futures US rose 0.04 cent on Tuesday, a 0.1 percent gain, to settle at 64.59 cents per pound. It traded within a range of 64.05 and 64.97 cents a pound. Certificated cotton stocks deliverable as of June 24 totalled 175,747 480-lb bales, up from 175,725 the previous session. The dollar index was down 0.2 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 0.1 percent. The Relative Strength Index in the most-active contract fell to 48.441.
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