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NY cotton ends softer in mild retreat
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NY cotton early-trade
ICE December cotton futures fell 0.28 cent to 90.28 cents per lb on volume of 2,411 lots.
NEW YORK: Cotton futures finished easier on Wednesday on mild profit-taking after the previous session's 2-1/2-year high, with traders awaiting a government crop report this week to dictate the next move, brokers said.
The ICE Futures US benchmark December cotton contract shed 0.62 cent to close at 90.56 cents per lb. On Tuesday it ended at 91.18 cents, the highest close for the daily second position cotton contract since March 2008.
The contract traded from 90.45 to 91.68 cents, within Tuesday's 89.90 to 92.82 band.
Total cotton contracts traded stood at 10,213 lots at 1846 GMT, below the 30-day average of 14,488 lots, preliminary Thomson Reuters data showed.
Cotton was the best-performing commodity in August, rising 9.45 per cent for its biggest monthly gain since February.
Analysts said market players may tweak their positions until the US Agriculture Department releases its monthly supply/demand report on Friday, with the focus firmly fixed on world production numbers.
Brokerage Flanagan Trading Corp sees resistance for December futures at 91.25 and 92.15 cents, with support at 90.35 and 89.40 cents.
Volume traded on Tuesday reached 22,501 lots, from the previous 12,386 lots, ICE Futures US data showed. -Reuters
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