ICE cotton eases from four-week high

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Cotton futures settled down in thin trade on Monday, after earlier reaching a four-week high, weighed down by declines across commodities markets. “There is just no follow-through after a rally on Friday and the rest of the markets were down,” said Jobe Moss, a broker with MCM Inc in Lubbock, Texas.

The front-month May contract on ICE Futures US settled down 0.24 cent, or 0.41 percent, at 58.96 cents per lb, after rising to a four-week high of 59.48 cents a lb. Total futures market volume fell by 9,191 lots to 32,373. Data showed total open interest rose by 1,310 contracts to 220,540 in the previous session. The dollar index was down 0.05 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was off 1.33 percent. Data from the US Commodity Futures Trading Commission showed on Friday that speculators had raised their bearish stance in cotton to 41,110 contracts, up by 2,902 contracts, marking their biggest net short in the fiber ever.

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