June 5, 2018 / 8:06 PM / 17 days ago

ICE cotton futures fall 2 pct, hit one-week low

    June 5 (Reuters) - ICE cotton futures fell more than 2
percent on Tuesday to a one-week low, weighed down by an
improvement in weather conditions in Texas, the major producing
region of the natural fiber in the United States.        
    * The most active cotton contract on ICE Futures U.S., the
third-month December contract              , settled down 1.96
cent, or 2.16 percent, at 88.98 cents per lb. 
    * The contract traded within a range of 88.75, the lowest
since
May 29, and 90.98 cents a lb. It also marked its biggest one-day
percentage loss since April 24. 
    * "There was some rain in Texas over the last few days and
there
are forecasts now of some more in a week or two," said Gabriel
Crivorot, an analyst at Societe Generale in New York.
    * "That is not enough to solve the issue with the ongoing
drought
there, but it will alleviate the situation."
    * The December contract has jumped about 15 percent since
mid-May
till last week and touched an all-time high of 93.73 cents a lb
on May 30, supported by concerns of drought like conditions in
West Texas.
    * "Weather in Texas is better. It is not good but it's no
longer
critical as well. They still need more rain but it has allowed
for the emergence of plants," said Rogers Varner, president of
Varner Brokerage in Cleveland, Mississippi.   
    * The U.S. Department of Agriculture in its weekly crop
progress
report released on Monday showed the 2018 U.S. cotton crop was
76 percent planted for the week ended June 3, matching the
five-year average for the week.             
    * Total futures market volume rose by 3,315 to 53,381 lots.
Data
showed total open interest gained 100 to 322,253 contracts in
the previous session.
    * Certificated cotton stocks CERT-COT-STX deliverable as
of June
4, 2018 totaled 78,666 480-lb bales, up from 76,983 in the
previous session.


 (Reporting by Vijaykumar Vedala in Bengaluru
Editing by Susan Thomas)
  
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