Cotton futures advance for second day on short-covering

News Tags: china cotton reserve, cotton price, global cotton prices, us cotton futures

Mumbai
Summary: 
Cotton futures gained on 13 November on short-covering in heavy trading as the index fund roll neared its conclusion and mill buying under the market continued to underpin prices. The most-active March cotton contract on ICE Futures US closed up 0.5%, to settle at US cents 78.59 per pound, up for a second straight session. Meanwhile, spot December contract edged up 0.1% to US cents 77.97 per pound. On the day, prices moved in a tight range while trading volumes were heavy, but were down from the previous day when spread-related dealings lifted spot prices as much as 1.9 percent and traders scrambled to cover short positions amid the fund roll.

Cotton futures gained on 13 November on short-covering in heavy trading as the index fund roll neared its conclusion and mill buying under the market continued to underpin prices. The most-active March cotton contract on ICE Futures US closed up 0.5%, to settle at US cents 78.59 per pound, up for a second straight session. Meanwhile, spot December contract edged up 0.1% to US cents 77.97 per pound.

http://www.reuters.com/article/2013/11/13/markets-cotton-idUSL2N0IY20D20131113
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