DJ MARKET TALK: ICE Cotton Rebounds To Post Higher Close

August 24 2010

DJ MARKET TALK: ICE Cotton Rebounds To Post Higher Close

1451 EDT [Dow Jones] - ICE cotton futures rebounded from early losses on
chart-related buying and mill fixation buying, as the market attempts to
divorce itself from outside pressure, says Mike Stevens, an independent analyst
based in Mandeville, La. A weaker-than-expected report on U.S. July existing
home sales threw the economic recovery into question, a factor that could limit
cotton consumption in the future. Volume is pegged at 18,464 contracts, with
3,113 calls and 2,152 put options traded. Most active Dec cotton on ICE gained
1.13 cent, or 1.3%, to 85.22 cents a pound.  

Source: FutureSource.com