Cotton Edges Warily Ahead
China’s March imports fell 15% from a year ago. Trend-following funds cut their net longs by a sharp 18%. Cash trading remained inactive on The Seam.By Duane Howell DTN Cotton Correspondent
Cotton futures posted slight gains Monday, trading warily after finishing lower three sessions in a row and in all but one last week in most-active July.
The July contract hovered up 25 points to 85.61 cents at 8:02 a.m. CDT, trading within a 110-point range from 85.19 to 86.29 cents on a contract volume of 2,483 lots.
The May contract, facing first notice day on Wednesday, edged up 16 points to 83.64 cents on a turnover of 691 lots, while new-crop December gained 45 points to 85.62 cents on 351 lots.
In outside markets, Dow Jones futures gained 34 points and S&P futures 4.50, while dollar index futures strengthened 0.134 to 82.980, crude oil gained 70 cents to $88.97, Brent crude added 77 cents to $100.42 and June gold advanced $32.10 to $1,427.70. Grains and soybeans were lower.
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