THE cotton market settled mixed today with spot December closing marginally higher up nine points at 76.97 while the back of the board settled mostly lower.
As for cotton specific news, talk about the possibility of the China State Reserve resuming reserve stock sales was making the rounds again.
At the same time, shippers reported generally quieter conditions.
Tuesday's US crop progress and condition report was delayed until Wednesday due to Veteran's Day holiday in the US but traders were expecting another jump in the percentage harvested figures from last week's 43% figure.
Prices started off steady to slightly lower before finding support about two hours into the session.
From here values traded higher into the early morning hours reaching the session highs at 77.64 some four hours before the legacy open.
Prices seemed to stabilise over the US trading day with attention turning to the spreads as mentioned above.
The market drifted lower into the closing minutes and continued weak in the post settlement period.
Futures volume was estimated at a heavy 46,449 contracts as compared to Friday's cleared volume of 41,849 contracts.
Option trading was quiet today with estimated volume of 2259 contracts, 677 calls and 1582 puts.
Tuesday's session produced an inside day which is not altogether all that surprising after Friday's outside range day.
Most of the stock added is in two major merchant controlled warehouses and talk on the street is it may be mostly just one actually doing the certificating.