Cotton futures saw significant gains on April 14, with May contracts rising 418 points over the week, closing at 77.4 cents per pound—up 170 points on the day. The US dollar index increased by $0.045 to $98.070, while crude oil prices fell by $9.12 following Iran’s agreement to open the Strait of Hormuz.
Managed money shifted their net position to a long of 16,825 contracts in cotton futures and options, marking the first such net long in nearly two years. USDA Export Sales reported export commitments at 10.409 million running bales (RB), down 1% year-on-year and accounting for 92% of the USDA target.
On April 15, The Seam reported the sale of 4,014 bales at an average price of 74.94 cents per pound, while ICE certified cotton stocks remained steady at 162,367 bales as of April 16.
