Cotton Trades Little Changed Nearby
Market moves cautiously as a volatile trading week nears an end. Prices fell in China. Cash trading turned inactive on The Seam.By Duane Howell DTN Cotton Correspondent
Cotton futures moved cautiously within tiny ranges Friday as a volatile trading week that began with a meltdown in many commodities and sharp losses in stock markets neared an end.
Most-active July eked out a three-tick gain to 85.51 cents at 7:51 a.m. CDT, trading within a mere 35-point range between 85.25 and 85.60 cents on a contract volume of 1,466 lots.
Spot May also traded up three ticks, hovering at 83.51 cents on a contract volume of just 481 lots, and new-crop December edged up 28 points to 85.36 cents on a turnover of 490 lots.
July closed last Friday at 87.62 cents, and it needs to settle at or above that this afternoon to prevent its third consecutive weekly loss and fourth in the last five.
In outside markets, U.S. stock index futures traded higher and European shares firmed in morning dealings, up for the first time in six days, while dollar index futures softened. Action was awaited from G20 finance ministers to stem recent decline in global growth.
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