November 2, 2001	Friday	Shaba’an 15, 1422

NEW YORK, Nov 1: NY cotton futures closes down 0.10 cent on Wednesday based on market orders as of 1327 EST, floor sources said.

December cotton shed 0.02 cent to end Tuesday at 28.92 cents a lb, trading 28.55-28.99 cents.

March inched up 0.01 to close at 30.58 cents. Except for two contracts, the rest were flat or 0.05 cent easier.

Trade buying at the lows and trade selling at the highs marked activity in a market consolidating after easing last week to near 30-year lows.

Trade interests have not been pressing the market lower and growers appear to be willing to sell on a scale up basis, wrote brokers Flanagan Trading in Wednesday’s client report.

Specs are likely to sell lightly on new contract lows but the market may be moving sideways for a while.

Support in December cotton is pegged at 28.50 and 28 cents. Resistance is expected at 29.00 and 29.50.—Reuters