*ICE COTTON SUMMARY*
*Cotton eases off four-week high on dollar strength*
*ICE cotton futures retreated on Tuesday in thin year-end trading from a four-week peak hit in the previous session, as a strong US dollar made the natural fiber more expensive for other currency holders.*
*“We are seeing a little bit of market correction after yesterday’s rally. The dollar is a little higher, so that could be adding a little bit of pressure,” said Bailey Thomen, cotton risk management associate at StoneX Group.*
*“We’re seeing still a relatively light volume trading overall as a lot of traders are still absent from the market in this holiday week. However, demand for US cotton continues to be pretty robust.”*
*The dollar index, which measures the currency against six major rivals, rose 0.2% on expectations the Federal Reserve could raise interest rates as early as March to counter rising inflation.*
*Last week, the US Department of Agriculture’s weekly export sales report showed net sales of 243,900 running bales for 2021/2022, with China being the top buyer.*
*Speculators cut net long positions in cotton futures by 9 contracts to 69,204 in the week to Dec. 21, data from the Commodity Futures Trading Commission showed on Monday.*
*The S&P 500 hovered around record highs on Tuesday as conviction in the US economy helped investors shrug off concerns over Omicron-driven travel disruptions and store closures. Oil prices also extended gains.*
*Total futures market volume fell by 9,986 to 7,573 lots. Data showed total open interest gained 933 to 234,366 contracts in the previous session.*
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