Cotton prices rose by 115 to 120 points on Monday, following gains of 45 to 99 points on Friday. The December futures contract closed the week with a total gain of 442 points. The USDA’s monthly WASDE report indicated that old crop stocks remain at 4.2 million bales, while new crop estimates increased by 400,000 bales to 4.1 million due to a production rise to 13.7 million bales, attributed to larger acreage data.
As of last Tuesday, managed money spec funds added 7,121 contracts to their net long position in cotton futures and options, bringing it to 39,106 contracts. Meanwhile, the Cotlook A Index decreased by 50 points to 89.75 cents, and certified cotton stocks fell by 26,320 bales to 158,607 bales as of July 9. The Adjusted World Price increased by 92 points to 62.86 cents/lb.
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