Sept 27: New York Cotton Exchange futures crumbled from a barrage of brisk speculative selling to end lower last week, with the absence of buyers weighing heavily on the market, trading sources said."The market just ran out of steam," Alan Feild, commodity broker for STA Trading Services in Memphis, said. "It opened lower and couldn't rally. We were down 200 points at one time because we had no buyers."
"We ran out of buyers and the specs hammered it very hard," an NYCE floor dealer said.
Key December cotton tumbled 1.63 cents to end at 74.44 cents a lb, having ranged between 75.79 and 73.80 cents. Spot October dropped 2.13 cents to close at 71.88 cents. Floor sources said the absence of any speculative buying quickly undermined cotton futures.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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