Benchmark cotton futures on ICE fell to their lowest in over three months on Monday after steep stock market losses in top consumer China, which pressured commodities across the board. "When a gigantic portion of the world economy is under duress, that's bearish for everything," said Jobe Moss, a broker with MCM Inc in Lubbock, Texas.
* December cotton on ICE Futures US settled 0.84 cent lower, or 1.3 percent, at 63.80 cents per pound, after falling as low as 63.69 cents a lb, the lowest level for the ICE second-month contract since April 23. Total futures market volume rose by 9,888 to 21,989 lots. Data showed total open interest fell by 332 to 176,642 contracts in the previous session.
Certificated cotton stocks deliverable as of July 24 totalled 122,861 480-lb bales, down from 126,262 in the previous session. The dollar index, which measures the US dollar against a basket of major world currencies, was down 0.78 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 1.15 percent. The Relative Strength Index in the most-active contract fell to 38.402.
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