ICE cotton futures settled unchanged on Monday, remaining near the bottom of a recent trading range on uncertainty about the US crop and concern about emerging market demand, as traders awaited a new supply and demand report next month. "There's days to buy, there's days to sell, and there's days to do nothing," said Ron Lawson, a partner at commodity investment firm Logic Advisors in Sonoma, California.
December cotton on ICE Futures US remained unchanged from the previous session on Monday at 63.00 cents per pound. It traded within a range of 62.40 and 63.53 cents a pound. Total futures market volume rose by 1,217 lots to 17,456 lots. Data showed total open interest fell 923 contracts to 180,092 contracts in the previous session. Certificated cotton stocks deliverable as of August 28 totalled 71,432 480-lb bales, down from 73,638 in the previous session.
The dollar index was down 0.25 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 2.53 percent. Speculators raised their net long position in cotton to 44,382 contracts from 41,986 contracts in week ended August 25, according to US government data released Friday after market close. The Relative Strength Index in the most-active contract remained unchanged at 41.566.
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