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NEW YORK, Dec 29: Cotton futures closed sharply lower on Friday on trade and options-related sales as the market pulled back from a rally to a 10-month high although fibre contracts may still lure further fund buying after the New Year holiday break, brokers said.
The market will be shut on Monday for New Year’s Day and on Tuesday to honour former US President Gerald Ford.
The New York Board of Trade's March cotton contract fell 0.77 cent to end at 56.19 cents per lb, having traded from 55.76 to a new lifetime peak of 57.05 cents. May cotton lost 0.49 to 56.99 cents. The rest declined from 0.15 to 0.33 cent.—Reuters
