On Monday morning, cotton prices increased by 130 to 145 points, recovering from a challenging week where contracts closed down between 62 to 89 points on Friday. December futures ended down 291 points last week. Meanwhile, crude oil rose by $3.50 per barrel, while the US dollar index saw a marginal increase of 0.011.
As of July 9, old crop cotton commitments reached 11.951 million running bales (RB), accounting for 102% of the USDA export projection, though behind previous years. Shipments totalled 10.398 million RB, representing 88% of USDA estimates. New crop sales amounted to 2.51 million RB. The Commitment of Traders report revealed managed money spec funds increased their net long positions by 10,578 contracts to 49,684 in the week ending Tuesday.
The Cotlook A Index rose by 70 points to 90.65 cents, and the Forward A price increased by 55 points to 92.35 cents. As of July 16, ICE certified cotton stocks remained unchanged at 98,838 bales. Additionally, the Adjusted World Price increased by 3.52 cents to 65.37 cents per pound.
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