Cotton futures on Monday slipped more than one percent, registering their largest one-day drop in over a month on technical selling. “Maybe the rush into commodities for now has stopped,” said Peter Egli, director of risk management at British merchant Plexus Cotton, adding that the fall in prices after last week’s rally was mostly “technical.”
The December cotton contract on ICE Futures US settled down 0.99 cent, or 1.52 percent, at 64.08 cents per lb. It traded within a range of 64.04 and 66.3 cents a lb. The dollar index was down 0.20 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was up 0.01 percent. Total futures market volume rose by 125 to 43,966 lots. Data showed total open interest fell 5,851 to 208,228 contracts in the previous session.