(ICE) cotton futures closed higher Wednesday, the day of the cotton market rebound

Oct. 1: ICE Cotton (12,580, -465.00, -3.56%, right) futures bounce up, because of oversold conditions triggered short-covering. Intercontinental Exchange (ICE) cotton futures closed higher Wednesday, the cotton market since the previous session after the market rebounded on the same day, caused investors to short covering, and may extend gains this week, the brokerage said.

Indicators in December cotton contract rose 1.09 cents to close at 58.34 cents a pound, after trading between 57.77-58.91 in the range of 0.3 cents on cotton futures rose 1.02 cents to close at 62.77 cents. 1849GMT, 12 month cotton The total volume of 8378 was reported.’s Keith Brown, president of commodity Keith Brown said: “We are oversold market conditions on the amendment.”

SFS Futures brokerage analyst said Mike Stevens, cotton market, open positions are likely to reduce investment in the fund at the end of the quarter and the related stocks.

Analysts said the market fundamentals factors almost no attention, especially the United States Senate is about to vote on financial rescue plan. Brokers Flanagan Trading that the December cotton futures contract in support and 57 cents to 57.75, 58.75 and resistance at 59.60 Cents. Stock Exchange data showed Tuesday the total volume of 24,711. As of September 30 open positions 5531 dropped to 195,316.