Cotton Prices Rise as Futures Gains Near Month's End
Cotton futures rallied in the final session of the week, with contracts gaining between 53 to 112 points. The December contract saw a notable weekly gain of 181 points amid rising crude oil prices and a slight increase in the US dollar index. The Commitment of Traders report indicated that managed money speculators reduced their net long position by 799 contracts, ending at 52,410. Export sales data showed strong performance with accumulated exports reaching 12.032 million running bales (RB), meeting the USDA projection. Despite a decline in the Cotlook A Index and stable ICE certified cotton stocks, adjusted world prices increased by 84 points to 64.66 cents per pound.