Cotton Futures Rise Midday Amid Increased Speculative Longs
On Monday, cotton futures showed strength during midday trading with gains of between 70 to 86 points. The Commitment of Traders report from Friday revealed that managed money speculators added 3,525 contracts to their net long position in the week ending Tuesday, bringing total holdings to 53,209 contracts. Meanwhile, crude oil prices fell by $6.63 per barrel and the US dollar index rose slightly by 0.018 points. The Cotlook A Index remained unchanged at 90.35 cents on July 24, while ICE certified cotton stocks stayed steady at 94,235 bales as of Friday.