Cotton futures declined on Friday, with July contracts dropping by 240 points, closing at 73.75 cents per pound. The overall contracts fell between 41 to 137 points as external pressures, including a rising US dollar index, which increased by $0.643 to $100.025, and a $2.79 drop in crude oil prices, impacted the market.
In related data, the CFTC weekly report indicated that spec funds reduced their net long positions in cotton by 1,798 contracts as of June 2, bringing the total to 52,402 contracts. The USDA’s latest export sales report revealed 11.33 million running bales (RB) of cotton, a decline of 1% from the previous year, currently representing 101% of the USDA’s export estimates. Shipments reached 8.883 million RB, at 79% of the estimated pace.
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