Monday, July 29, 2013

DTN Morning Comments on Cotton

Cotton Trades With Slight Losses

Trend-following funds bought a weekly net of 294 lots. Cash business sales rose to 794 bales on The Seam.
By Duane Howell DTN Cotton Correspondent
Cotton futures traded with a slight loss Monday after opening the overnight session unchanged and matching Friday’s low.
Benchmark December hovered off 31 points to 84.81 cents at 7:51 a.m. CDT, just off the low of its 83-point range from 84.76 to 85.59 cents on a contract volume of 2,237 lots. March dipped 40 points to 83 cents.
In outside markets, Dow Jones futures traded down 27 points and S&P futures down 3.50 points, while dollar index futures firmed 0.041 to 81.805, crude oil gained 38 cents to $105.08, Brent crude added 44 cents to $107.41 and gold advanced $10.90 to $1,332.40. December corn was lower, soybeans also lower and wheat mixed.
China’s Zhengzhou cotton futures settled lower, down 45 yuan or 0.21% in September and 115 yuan or 0.57% in November. The other contracts fell 290 to 520 yuan. Prices also closed lower on the China National Cotton Exchange and the China National Cotton Index continued to slip.
In U.S. futures-options combined, trend-following funds bought a net of 294 lots during the week ended July 23 to nudge their net long position up 0.5% to 57,349 lots, according to the latest traders-commitments data from the Commodity Futures Trading Commission.

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http://sweetfutures.com/2013/dtn-morning-comments-on-cotton-24/


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