Cotton Futures Decline Amid Record Net Long Positions
On Tuesday, cotton futures experienced a decline as front-month contracts dropped between 50 to 60 points. Despite the drop in prices, managed money positions reached near-record levels with an increase of 12,135 contracts, bringing total net longs to 107,976 contracts according to CFTC data. The Cotlook A index remained unchanged at 96.00 on September 7, while ICE certified cotton stocks decreased by 8,678 bales due to decertification activities last Friday. The Adjusted World Price for cotton rose to 73.92 cents per pound following a recent increase of 240 points. Crude oil prices also fell on the day, dropping 33 cents per barrel, and the US dollar index slipped by $0.270.
Topics: CFTC data cotton futures trading market trends