NEW YORK, Nov 17: Cotton futures closed on Friday at another month-low on speculative fund liquidation and switch trade, with the weak tone seen spilling over into the holiday-shortened sessions of next week, brokers said.
ICE Futures open-outcry December cotton fell 0.80 cents to finish at 60.90 cents per lb, trading 60.70 to 61.85 cents. For the spot contract, it was the lowest close since early October.
The now key March contract shed 0.34 cent to 66.14 cents, moving from 66.02 to 66.70 cents.
The ICE March electronic cotton contract lost 0.44 cent to 66.04 cents, dealing from 66 to 66.90 cents.
Keith Brown, president of commodity firm Keith Brown and Co. in Moultrie, Georgia, said the combination of switch pressure and tired liquidation from investors, who feel cotton will likely consolidate for now, pressured the market.
It seems cotton futures are not ready to participate in the commodities boom, Brown said, adding prices were not inspired by rallies in grains or precious metals this week.—Reuters
