ICE cotton settled little changed on Wednesday after hitting a 2-1/2 week peak as producers took advantage of the market's move higher this week, in part due to historic rains and floods in the US Southeast, to fix prices as the harvest loomed. "Producers can get a couple of extra cents," said Louis Rose, an independent cotton trader and consultant at Risk Analytics in Memphis, Tennessee.
He noted that the market was likely "not going to see a lot of activity" ahead of Thursday's US export s
The benchmark cotton contract on ICE Futures US eased to a fresh 7-1/2-month low as commodities continued to decline and worries persisted over demand, particularly in top consumer China where economic growth is slowing. The second-month dropped as low as 59.78 cents per lb, the weakest since early February, before settling below the key psychological level of 60 cents.
The bellwether Thomson Reuters CoreCommodity CRB Index commodities index declined, as investors continued selling. "Cotton
