Cotton Futures Rally Amid Strong Commitment of Traders Data
Cotton futures experienced a significant rally, with gains ranging from 170 to 190 points across most contracts. The Commitment of Traders (COT) report revealed that managed money added another 17,173 net long positions in cotton during the week ending August 25, bringing their total net long position to 95,841 contracts by Tuesday. Additional market data showed a rise in prices for Arabica coffee and cocoa due to concerns over supply quality. The Seam reported sales of nearly 3,000 bales at an average price of 82.62 cents per pound on Friday. Meanwhile, the Cotlook A Index rose by 300 points to reach 101.30 cents/lb as of August 28. ICE certified cotton stocks declined by over 3,000 bales in late August and stood at 63,178 bales on that date. The Adjusted World Price for cotton was increased by another 190 points last week to reach 71.52 cents/lb.
Topics: cotton futures market movement