New York, June 20.
Trading was fairly active in the cotton market, with prices early moving up on higher Liverpool and Bombay cables, active foreign buying, damaging rains and insect complaints. 'Offerings were light, while traders were' inclined to take a more constructive view regarding the business outlook in connection with the Government Recovery Plan, Finally. prices eased partially on realizing to close steady, with quotations ranging from 10 to 13 points up from Saturday's levels.
The rubber market was early influenced by bullish London cables and the action of securities. Later, the advance was accelerated on Akron buying and an active commission house demand, which readily absorbed profit-taking and dealer selling, At the close, quotations ranged from 41 to 44 points up.
A firm undertone prevailed in the Chicago Wheat Pit today, prices advancing on general buying the ürmness of Wall Street and higher Winnipeg cables. However, a favourable harvest of winter wheat, heavy arrivals from the south-west, hedging and lower Liverpool advices retarded interest, At the final bell, gains of 1% cents were recorded, Sugar prices early went ahead on commission house and European buying owing to limited offerings and steady London advices. Later, however, the market reacted partially on scattered liquidation. At the end of the day's trading, values were unchanged to 1 point higher from Friday's levels, The firmness of other markets offset lower cables and the slackness of demand for actuals in silk market today. Buyers and sellers were generally apart, Later, there was straddling and a little nervous covering, with sellers reluctant to operate, At the last call-over, quotations showed gains from 2% to 4% cents from the previous final levels.
Copper in the metals section further ruled impressively strong today, in very active dealings. Commission house absorption took the lime-light, while there was also heavy buying, credited to foreign interests, induced by the reduction of the foreign production quota from 105 per cent. to 95 per cent, The strength of Wall Street was also a stimulating factor.
Text read from the printed page and cleaned; old type leaves the occasional error.