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| AW ICE Cotton Futures: Closed Weak in Lacklustre Trade | |
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ICE cotton futures closed down on Wednesday amidst lacklustre trading activity where the most-active December contract trade in a sideways pattern.
December cotton slid 17 points at 66.88 cents per pound and traded in the range of 66.13-67.25 cents while the March contract lost 3 points at 69.73 cents. A firm dollar weighed on the commodity complex.
The current harvest for cotton is well behind the 10-year average and lending some underlying support to prices, Cruel said most of that news has already been priced into the market. All eyes will be on the weather conditions in the U.S. cotton belt to see when the rain will dry up and allow the harvest to continue. About 80% of cotton is awaiting harvest. |