Cotton futures edged higher on Wednesday, recovering from one-year lows hit a day earlier as investors covered bearish bets after five straight sessions of losses, even as concerns mounted about growing excess inventories. Prices touched their lowest since late January last year after the US Department of Agriculture warned of bigger global stocks amid lower demand. "You had a bunch of shorts get in and longs get out at the same time and now that's over with," Lou Barbera of ICAP Cotton said, referring to the previous day's losses.
US traders digested news that Turkey has concluded that US cotton imports are damaging domestic output after a more than year-long review, dealing a potential blow to the world's No 3 grower of natural fiber amid concerns Ankara could resort to anti-dumping duties. The March cotton contract on ICE Futures US settled up 0.24 cent, or 0.41 percent, at 58.88 cents per lb, after hitting 58.94 cents a lb. Certificated cotton stocks deliverable as of Tuesday totalled 27,897 480-lb bales, up from 27,530 bales in the previous session. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 0.11 percent.
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