REUTERS: Cotton prices little changed ahead of US elections, WASDE

REUTERS: Cotton prices little changed ahead of US elections, WASDE

Nov 5 (Reuters) -ICE cotton futures edged higher on Tuesday as investors remained cautious ahead of the presidential race between Republican Donald Trump and Democrat Kamala Harris, along with the release of the U.S. government's monthly world supply and demand report.

* Cotton contracts for December CTZ4 rose 0.08 cent, or 0.1%, at 70.01 cents per lb as of 11:33 a.m. ET (1633 GMT).

* "The U.S. presidential election is weighing on everyone's mind, so that's why the market is very quiet. Then an update on the supply-demand situation on Friday, we could see the crop come in a little smaller," said Keith Brown, principal at cotton broker Keith Brown and Co in Georgia.

* "As we progress through the harvest season, it tends to be less selling and so I think we're going to make some kind of harvest low down here and try to have some kind of a rally into next year."

* Traders will be on the lookout for the USDA's weekly export sales report due on Thursday and World Agricultural Supply and Demand Estimates (WASDE) report due at 12:00 p.m. ET on Friday. EXP/COT

* The dollar index .DXY was down 0.3%, hovering near a two-week low hit on Monday. A weaker U.S. currency makes cotton more appealing for buyers holding other currencies. USD/

* Meanwhile, oil prices edged up about 1%, after rising more than 2% in the previous session as OPEC+ delayed plans to hike production in December. O/R

* Higher oil prices make cotton-substitute polyester more expensive.

* In the grains market, Chicago wheat, corn and soybean futures edged higher as investors braced for the outcome of the U.S. presidential election while also looking ahead to a U.S. interest rate decision and crop forecasts later this week. GRA/

Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Shreya Biswas


Πηγή: Reuters
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