Cotton futures ended slightly lower on Friday, easing to their biggest weekly loss since September 2015 after days of selling pressure of weak commodities markets and a bearish US government report. The second-month contract traded within a tight range throughout the session, ending the week down over 3 percent and touching the lowest prices since January 2015.
"We've got a long holiday weekend in the US and I don't think there are a lot of people who would want to initiate fresh long positions," said Louis Rose, independent cotton trader and consultant with Risk Analytics in Memphis, Tennessee. A weekly US government report released after market close on Friday showed speculators switched to a bearish stance in cotton for the first time in a year. The most active May cotton contract on ICE Futures US settled down 0.07 cent, or 0.1 percent, at 58.64 cents per lb, after hitting 58.39 cents per lb. Certificated cotton stocks deliverable as of Thursday totalled 32,629 480-lb bales, up from 29,128 in the previous session. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 3.45 percent.
Comments
Comments are closed.