Cotton futures saw modest gains on Friday, with July contracts up 22 points to close at 65.36, October up 45 points at 65.97, and December up 37 points at 67.84. However, July was down 26 points and December closed 37 points lower for the week. Meanwhile, crude oil prices rose by $5.27 per barrel following recent military strikes by Israel on Iran, and the US dollar index increased by $0.234 to 98.135.
The latest Commitment of Traders report indicated that managed money increased their net short position in cotton futures and options by 6,254 contracts, bringing the total to -52,859 contracts as of June 10. Additionally, the USDA reported weekly export sales commitments at 11.586 million RB, which is 8.2% above their export projection.
As of June 12, the Cotlook A Index remained steady at 78.05, and ICE cotton stocks also held firm at 62,212 bales. The USDA’s Adjusted World Price rose 26 points to 54.02 cents/lb.
