Higher In Featureless Trade

ICE Futures U.S. pit-traded cotton settled modestly higher Friday after trading in a tight-range, featureless session ahead of the holiday weekend.

March futures settled up 41 points at 66.58 cents a pound, and May settled 42 points higher at 67.95 cents. Cotton pit trading opened slightly lower then built on gains and held near the highs for the remainder of the session, except for a dip ahead of the close.

The March contract settled near its high in a tight 55-point range on the day, for its strongest settlement in five weeks. Early trading showed a lack of aggressive selling and scattered buying, which was possibly spillover from firm grains prices.

ICE pit cotton trade will be closed Dec. 24-25 for the Christmas holiday.

On the week, the March contract gained 73 points. ICE daily cotton stocks decreased by 7,298 500-pound bales Thursday to total 549,959 bales with just one bale awaiting review and 6,944 decertification orders.

Open interest increased by 539 positions Thursday to total 223,879 as traders sold 353 May and bought 188 March and 601 July. Volume was estimated at 10,731 on the screen and 1,475 on the floor, according to exchange data. In options, approximately 419 calls and 1,125 puts traded.