ICE cotton eases on demand worry weigh ahead of weekly export data

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NEW YORK Nov 12 (Reuters) – ICE cotton prices retreated on Thursday as rains eased in key growing regions of the United States during the harvest and weak demand weighed.

“Buyers aren’t chasing this market,” said Jobe Moss, a broker with MCM Inc in Lubbock Texas. “The key thing is there’s just no business.”

Weekly U.S. government export data was due Friday, delayed due to the Veteran’s Day holiday on Wednesday.

* March cotton on ICE Futures U.S. settled down 0.15 cent, or 0.24 percent, at 62.16 cents per lb. It traded within a tight range of 62.03 and 62.70 cents a lb.

* The cash to second-month spread CT-1=R fell 0.22 cent to 0.42 cents per lb.

* Certificated cotton stocks CERT-COT-STX deliverable as of Wednesday totaled 47,081 480-lb bales, up from 45,841 in the previous session.

* The U.S. dollar index was down 0.32 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 1.02 percent.

 

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