ICE cotton dips to near 10-month lows as selling pressure weighs
ICE cotton futures tumbled to their lowest since end-August on Friday as investors continued selling on expectations of plentiful stocks in the new crop year.
The December cotton contract on ICE Futures , however, settled up 0.28 US cent, or 0.42 per cent, at 67.02 cents per pound (lb), breaking a 10-session losing streak, supported by a weaker dollar. The dollar index was down 0.35 per cent.
"The December contract has been in a free fall for a long time now. (The higher settlement) is mostly based on technical factors. A slow halt in the really quick drop rather than any sort of recovery," said Gabriel Crivorot, analyst at Societe Generale in New York.
