Cotton futures settled higher on Wednesday, making the biggest gain in more than a week, on a short-covering rally ahead of the US government's planting intentions report on Thursday. "This is just short covering and book scoring up ahead of tomorrow's acreage figure," said Jobe Moss, a broker with MCM Inc in Lubbock, Texas. The front-month May contract on ICE Futures US settled up 0.29 cent, or 0.51 percent, at 57.67 cents per lb after hitting a high of 57.92 cents.
The dollar index was dow
Cotton futures slipped over 2 percent Friday on rumours that world's top consumer China is preparing to auction off some of its vast stockpile of the natural fibre next month, potentially unleashing fresh supply on a saturated global market. Traders said talk was circulating that Beijing had indicated plans to release about 8 million bales of cotton in late April.
While that is only a small portion of the state's reserve of about 60 million bales, it renewed concerns that the release would c
