Cotton Futures Decline Amid Reduced Managed Money Positions
On Monday, cotton futures experienced losses across the front months as traders reported declines of between 98 to 109 points. The drop coincided with managed money investors reducing their net long position by 7,806 contracts in CFTF Commitment of Traders data released on Tuesday. Meanwhile, crude oil prices rose $1.59 per barrel and the US dollar index increased by $0.609 during the session. The Cotlook A index had previously risen to 98.20 points as of Friday, but cotton's adjusted world price fell back last week to 69.51 cents/lb. ICE certified cotton stocks dropped by 3,164 bales on September 11, bringing the total stock level down to 38,462 bales.
Topics: cotton futures_trading market_data