DJ MARKET TALK: ICE Cotton Falls As Profit-Takers Appear

August 31 2010

DJ MARKET TALK: ICE Cotton Falls As Profit-Takers Appear

Aug 31, 2010 (Dow Jones Commodities News via Comtex) -- 1509 EDT [Dow Jones] - ICE cotton futures fell Tuesday, after hitting nearly a two-year peak of 87.71 cents intraday, as one or more funds took profits, says Mike Stevens, independent cotton broker and analyst. The aggressive selling hit the market in the final 30 minutes of trading, as general selling in commodities and a weak equity market supplied outside pressure. The market had been overbought technically and due for a slight correction. Volume is estimated at 16,214 contracts, with 4,793 calls and 2,937 put options traded. Most active Dec cotton lost 0.23 cent, or 0.27%, to 86.20 cents a pound.

Source: Dow Jones Commodities News via Comtex