Cotton futures are experiencing a decline, with contracts dropping by 20 to 25 points. However, October contracts show a slight increase of 16 points, now at 80.08 cents per pound. Meanwhile, crude oil has risen by $4.21 amid escalating tensions between the US and Iran, while the US dollar index has increased by $0.285.
According to Friday’s Commitment of Traders report, managed money spec funds have increased their net long position in cotton futures and options by 7,121 contracts, totaling 39,106 contracts for the week ending Tuesday. The Seam reported the sale of 131 bales at an average price of 76 cents, with ICE certified cotton stocks dropping by 31,480 bales to reach 127,127 bales. The Adjusted World Price rose by 92 points to 62.86 cents per pound last week.
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