ICE cotton holds steady as robust demand offsets pressure from good weather
May 20 (Reuters) -ICE cotton futures were little changed on Monday, as support from steady demand and positive sentiment in the wider financial markets was balanced out by some pressure after the U.S. saw good weather, which aided the crop.
* Cotton contracts for July CTc1 traded near 75.97 cents per lb by 11:20 a.m. ET (1520 GMT).
* "Demand has been either okay or pretty good, so that's positive for price and also, some of the outside markets are up strongly," including the precious metals and financial markets, said Rogers Varner, president of Varner Brokerage in Cleveland. "What leans to the negative is pretty good U.S. weather for the last several weeks."
* Storms packed hurricane-force winds and pummeled the Houston area on Thursday, killing at least four people and leaving some 800,000 familieswithout power as much of the city was plunged into darkness, the mayor said.
* However, "East Texas doesn't produce much cotton. The flooding there will definitely cause some replanting, but it won't be significant," Varner added.
* Meanwhile, the tech-heavy Nasdaq climbed to a record high, but highly awaited quarterly results from Nvidia and the Federal Reserve's policy meeting minutes this week were likely to test Wall Street's record-breaking run. .N
* U.S. President Joe Biden last week unveiled a bundle of steep tariff increases on an array of Chinese imports, risking an election-year standoff with Beijing in a bid to woo voters who give his economic policies low marks.
Reporting by Anjana Anil in Bengaluru; Editing by Shailesh Kuber
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