New York. Cotton is being supported by concerns over potential damage to the crop from hot, dry weather in growing areas. “Generally speaking, seems most commercial observers are comfortable with 65-75 cent trading range plus or minus 100 points,” says independent analyst Mike Stevens. “It may be premature to call last week’s action a long-term reversal, but it does look like we have a low in place.” ICE cotton for October delivery is 0.5% higher at 71.96c/lb., while the most-actively traded contract for December delivery is 0.1% lower at 71.29c/lb.
Source: http://www.moneycontrol.com/commodity/comm_news.php?autono=179867&type=MKT
