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NEW YORK, Jan 25: NY cotton futures closed on a weak note on Thursday due to robust fund selling in the market, although steady scale-down trade and mill fixation buying blunted the selling, analysts said.
Cotton futures have barely recovered from a plunge in October 2001 to near 30-year lows when bumper supplies and exceedingly soft demand pounded the fiber complex.
March cotton fell 0.64 cent to end at 36.09 cents a lb, trading from 35.95-36.50 cents. May lost 0.66 to end at 37.59 cents. The rest of the board declined 0.50-0.70 cent. Spot March contract slid below support levels at 36.20 cents.—Reuters
