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
Benchmark cotton futures on ICE recovered from a 7-1/2-month low on Monday, after last week's 5 percent drop, on support from rising grains prices and chart signals. The December contract on ICE Futures US reversed earlier losses after dipping to 60.10 cents per lb, the lowest price since early February and near the key psychological level of 60 cents.
Buying came in as prices dipped near technically oversold territory. The December contract's 14-day relative strength index neared oversold t
