NEW YORK, Nov 20: NY cotton futures settled with fractional losses on Monday in a session dominated by spread activity as players sought to move their positions out of front December before first notice day next week.

It’s been very quiet. The main feature has been spreads, said Frank Weathersby of Affinity Trading in Destin, Florida.

Analysts said there is some urgency among players to scamper out of December since there will only be two sessions before first notice day as the market will be closed Thursday and Friday for the Thanksgiving holiday here. Trading resumes on Monday.

Spot December cotton fell 0.62 cent to finish at 34.09 cents a lb, trading 33.90-34.50 cents. Active March lost 0.27 to end at 35.98 cents, ranging 35.65-36.15 cents. Distant months rang up losses of 0.10-0.40 cent.

Cotton prices were easier at the start as local and speculator pressure led the market south, floor sources said.

Traders said the market will focus on spreads before first notice day although cotton fundamentals continue to be hounded by ample supplies which slammed futures down to near 30-year lows last week.

Supplies are likely to meet any rising demand requirements, he said, apparently alluding to an expected record US cotton harvest and a stocks-to-use ratio calculated in the USDA monthly production report this month that approaches the burdensome 50 per cent level.

Technicians said resistance in December would be at 35.44 cents while support would be at 34 and 33.40 cents. As to March, they see resistance at 37 cents and support at 35.30 cents.

Estimated volume was 9,000 lots against Friday’s tally of 13,384 lots.—Reuters