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| AW ICE Cotton Futures: Dipped on Strong US Dollar | |
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ICE cotton futures dropped on Tuesday amidst selling pressure, triggered by gains in the U.S. dollar.
December cotton lost 36 points at 67.05 cents a pound and traded in the range of 66.10-67.55 cents while the March contract slid 25 points at 69.76 cents.
Data from the U.S. Department of Agriculture show 19% of the U.S. cotton crop was harvested in the week to Oct. 25, up from 15% last week but down from the 43% average. USDA said, 44% of the U.S. cotton crop was listed in good-to-excellent condition in the week to Oct. 25, unchanged from last week; 25% of the crop was rated in very-poor-to-poor condition, also unchanged from the last week.
According to the exchange data, ICE daily cotton stocks augmented by 3,572 500-pound bales Tuesday to total 375,622 bales with 24,348 bales awaiting review. ICE cotton open interest--the number of active positions left at the end of the session--increased by 3,176 positions Monday to total 185,040. Volume was projected at 15,888 lots. In options, approximately 4,375 calls and 3,228 puts traded. |