ICE cotton trading moderately higher
The nearby December contract traded in a narrow range during early morning hours, slowly inching its way higher. Shortly after 1300 GMT, the most active contract fell to an intraday low of 73.46 cents/lb before rebounding back to positive ground. By 1457 GMT, the December ’16 contract was trading near the top of a 118-point range and on 52-point gains.
The US dollar was higher at midday while grains were mixed, but mostly lower.
Total open interest decreased by 662 contracts to 234,326. December ’16 interest decreased by 667 contracts to 178,257 and March ’17 interest decreased by 27 contracts to 36,898. Certificated stocks were last reported at 108,416 bales which included decerts for 2,236 bales.
Volume was estimated at 11,800 and nearby months were trading as follows at 1458 GMT: