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On September 2, cotton futures weakened, with December contracts down 51 points for the week and traded at 66.03 cents/lb. Speculative funds expanded their net short position in cotton futures and options by 6,438 contracts, bringing the total to 66,369 contracts.
The USDA reported 244,971 RB of cotton sold for the week ending August 28, marking a 36.6% increase from the previous week and 81.21% higher than the same week last year. Vietnam was the leading buyer, purchasing 109,700 RB, followed by 53,800 RB to India and 35,200 RB to China. Actual shipments totaled 154,651 RB.
The Seam reported 135 bales sold at an average price of 62.85 cents/lb on Thursday. The Cotlook A Index remained unchanged at 77.50 cents on September 4, with certified ICE cotton stocks at 15,474 bales. The USDA’s Adjusted World Price was reduced by 63 points to 54.31 cents/lb.
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