“People who are long on the December are being more aggressive on moving out than those who are short.”
March Cotton on ICE Futures U.S. CTH6 CTc2 settled up 0.27 cent, or 0.43 percent, at 62.94 cents per lb. It traded within a range of 62.66 and 63.12 cents a lb.
The December contract’s discount to March, a market condition known as contango, widened to as much as 1.43 cents per lb, a life-of-contract high for the spread.
Total futures market volume fell by 16,118 to 21,076 lots.
Data showed total open interest fell 5,888 to 176,397 contracts in the previous session.
Certificated cotton stocks CERT-COT-STX deliverable as of Nov 17 totaled 54,847 480-lb bales, up from 53,208 in the previous session.
The dollar index .DXY was up 0.01 percent. The Thomson Reuters CoreCommodity CRB Index .TRJCRB , which tracks 19 commodities, was down 0.06 percent.
The Relative Strength Index in the most-active contract CTc2 rose to 55.56.
(Reporting By Luc Cohen; Editing by David Gregorio)