Cotton ends nearly flat


ICE cotton futures ended nearly unchanged on Tuesday after touching their lowest in almost a week on a lack of speculative buying. Cotton contracts for March settled down 0.07 cent, or 0.10 percent, at 72.51 cents per lb. They traded within a range of 72.14 - their lowest since November 29 - and 73.15 cents a lb. "We have exhausted the upside move that was based on speculative buying and now we are kind of consolidating and restoring a bit," said Peter Egli, director of risk management at British merchant Plexus Cotton.

"The next buying wave is probably going to come from mill fixations," Egli added. Total futures market volume rose by 4,799 to 27,625 lots. Data showed total open interest fell 53 to 248,728 contracts in the previous session. Certificated cotton stocks deliverable as of December 4 totalled 47,628 480-lb bales, unchanged from 47,628 in the previous session. The dollar index was up 0.14 percent. The Thomson Reuters CoreCommodity CRB Index, which tracks 19 commodities, was down 0.65 percent.