New York. Benchmark cotton futures settle slightly higher on the day, but the market is quiet ahead of Friday’s USDA supply-and-demand forecast. With the US harvest wrapping up, a cut in the 2011-12 production estimate could lift prices, but the cut will have to be deep. “The US portion of production, barring a huge difference from last month, should have limited impact as changes to demand and ending stocks may create a paradox with US vs world balance sheets,” says Penson Futures senior analyst Sharon Johnson, referring to projected record global cotton output this season. March delivery on ICE Futures US ends at 92.22c a pound, up 0.4% on the day.
Source: http://www.moneycontrol.com/commodity/comm_news.php?autono=167212&type=MKT
