On Monday, cotton futures experienced gains of 54 to 64 points, with July contracts reaching 73.48 cents, December at 76.98 cents, and March at 78.28 cents. The US dollar index declined by $0.285 to 99.460. This uptick in cotton comes amid a significant drop in crude oil prices, which fell by $4.41 following a US-Iran peace deal set to be signed this Friday.
CFTC data revealed that managed money reduced their net short positions in cotton futures and options by 10,198 contracts, bringing the total to 42,204 contracts. The Cotlook A Index also rose by 110 points to 84.75 cents, while ICE certified cotton stocks remained unchanged at 192,699 bales as of June 12. Additionally, the Adjusted World Price dropped by 194 points to 61.26 cents per pound.
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