June 8, 2018 / 7:54 PM / in 14 days

ICE cotton futures inch down after fresh multi-year high

    June 8 (Reuters) - ICE cotton futures edged lower on Friday,
after hitting an over six-year high earlier in the session, as
traders remained cautious ahead of a monthly federal crop supply
and demand report next week. 
    * The most active cotton contract on ICE Futures U.S., the
third-month December contract              , settled down 0.19
cent, or 0.20 percent, at 92.60 cents per lb.
    * The third month contract        traded within a range of
92.29
and 94.82 cents a lb, a peak since March 2012.
    * The U.S. Department of Agriculture's (USDA) World
Agricultural
Supply and Demand Estimates (WASDE) report is due on Tuesday.
    * "Everyone's trading this market in anticipation of
Tuesday's
USDA report... There is certain level of uncertainty going into
the USDA report," said Beau Stephenson, Senior Vice President at
Omnicotton Inc.
    * The contract rose 0.26 percent for the week, its fourth
straight
weekly gain. 
    * "I think the market is reacting to the continued drought
in West
Texas. We had some scattered rain but nothing really sufficient
enough to change the drought situation there. And for the past
couple of days we have relatively strong demand from some
markets," Stephenson said. 
    * "With the weather situation in the U.S. putting a strain
on the
crop, and with the amount of demand we have seen in the last
export sales report and over the course of the week, the market
remains well supported."
    * Total futures market volume fell by 7,110 to 70,202 lots.
Data
showed total open interest gained 412 to 322,095 contracts in
the previous session.
    * Certificated cotton stocks CERT-COT-STX deliverable as
of June
7 totaled 78,377 480-lb bales, down from 78,666 in the previous
session.


 (Reporting by Vijaykumar Vedala in Bengaluru; 
Editing by Sandra Maler)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below