Cotton futures dipped on Tuesday after hitting 2-1/2 week highs the prior session, as the move upward attracted selling, keeping the market in a tight trading range between around 62 and 65 cents a lb, where it has spent much of the past month. "It's a pretty narrow range, and it's still holding support," said Jack Scoville, a Vice President with Price Futures Group in Chicago.
March cotton on ICE Futures US settled down 0.1 cent, or 0.16 percent, at 63.87 cents per lb. It traded within a range of 63.82 and 64.25 cents a lb. Certificated cotton stocks deliverable as of Dec. 28 totalled 64,201 480-lb bales, down from 64,723 in the previous session. The dollar index was up 0.23 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 1.65 percent. Speculators cut their net long position to 49,493 contracts in the week ended Dec. 22, according to US government data released Monday after the market close, down from 55,599 the week before.
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