ICE cotton futures fall in thin trading ahead of Thanksgiving holiday
Nov 27 (Reuters) -ICE cotton futures edged down on Wednesday as related markets including oil and grains slipped, and as the week drew thin trading volumes across the board before U.S. markets close for the Thanksgiving holiday on Thursday.
* Cotton contracts for March CTc2 fell 0.24 cent, or 0.33%, to 71.44 cents per lb as of 10:50 a.m. ET (1550 GMT). The contract had hit its highest since Nov. 12 on Monday.
* "It's a very quiet day. Volume is average, the March contract has gone up about four cents in a week, and it's taken a rest up here near $0.72," said Rogers Varner, president of Varner Brokerage, in Cleveland.
* "I don't make much of (the fall) because today's low is above yesterday's low, which is above the previous day's low, so the market is still in an uptrend. The dollar has broken sharply and I think that will be supportive, and I also think that this week's sales will be good."
* Making cotton less expensive for overseas buyers, the U.S. dollar .DXY eased almost across the board. USD/
* Oil prices edged lower as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah. O/R
* Lower oil prices make the cotton-substitute polyester less expensive.
* Chicago wheat futures edged lower as a technical bounce from the previous session petered out in the face of improving crop prospects in major production zones worldwide.
* Investors are now awaiting the weekly export sales report from the United States Department of Agriculture due on Friday, a day later than usual due to the Thanksgiving Day holiday.
Reporting by Anjana Anil in Bengaluru; Editing by Shreya Biswas
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