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Cotton futures showed gains of 45 to 50 points on Monday, recovering from a decline of 15 to 30 points on Friday, with March contracts down 78 points over the week. The December 25 Cotton closed at 62.13 cents/lb, while March 26 Cotton closed at 63.93 cents/lb, experiencing a current increase of 50 points.
As of October 28, managed money was net short 74,093 contracts of cotton futures and options, reflecting a reduction of 7,152 contracts from the previous week. On December 4, an online auction reported 5,171 bales sold at an average price of 58.37 cents/lb, with ICE certified cotton stocks declining by 4,309 bales to a total of 15,585 bales.
The Adjusted World Price was updated to 51.28 cents/lb, an increase of 51 points from the prior week, while crude oil futures rose by 47 cents to $60.14 per barrel and the US dollar index increased by $0.042, reaching 98.995.
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