ICE cotton futures rose over 1 percent on Friday on profit-taking ahead of the long weekend in the United States amid a weaker dollar, reversing the over 2 percent decline seen on Thursday. Prices of the natural fibre had registered their biggest one-day loss in over nine months on Thursday following the release of bearish export sales and crop plantings reports from the US Department of Agriculture.
Friday's gains were also probably linked to bargain hunting after Thursday's lows, said Louis
ICE cotton futures settled near flat on Wednesday as traders awaited the US Department of Agriculture's weekly export sales data and the June acreage report due out on Thursday. "It was unchanged today waiting for the reports tomorrow," said Rogers Varner, president of Varner Brokerage in Cleveland, Mississippi. The Department of Agriculture is expected to release its weekly US export sales report on Thursday followed by the annual June acreage report on the US acreage devoted to cotton planting
Sustained buying interest kept cotton prices steady on Wednesday amid reports that the major textile groups are also active and conducting inquiries for the purchase.
Cotton brokers said that although spinning mill owners were doing panic buying, ginners were not interested in selling their product at the prevailing prices.
They said that ginners were holding their stock to see the position of the market after Eidul Fitr.
Although the bookies have become active for future deals and low
