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ICE cotton rises on Indian crop concerns


(Reuters) - ICE futures edged up on Wednesday, hovering near more than two-month highs hit last week on concerns over crop damage in top producer

contracts for March settled up 0.21 cent, or 0.29 percent, at 72.72 cents per lb., and traded in a range of 72.44 and 73.27 cents a lb.

"The bollworm problem in is making the market bid today," a New York-based trader said.

is likely to export nearly one-fifth less than previously estimated as pink bollworms are set to eat into the south Asian country's output which was expected to hit a record, industry officials told in late November.

"has a pretty substantial long position already ... there really are some fundamentals behind the market that continue to keep with a bid," the trader noted.

Meanwhile, the market awaited export sales data from the U.S. Department of Agriculture due on Thursday.

Total futures market volume fell by 9,389 to 18,496 lots. Total open interest gained 473 to 249,201 contracts in the previous session, data showed.

Certificated stocks deliverable as of Dec. 5 totalled 47,628 480-lb bales, unchanged from the previous session.

The dollar index <.DXY> was up 0.23 percent. The Thomson CoreCommodity CRB Index <.TRJCRB>, which tracks 19 commodities, was down 1.46 percent.

(Reporting by Nithin Prasad in Bengaluru; Editing by Jeffrey Benkoe)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 07 2017. 05:58 IST