Cotton Market Sees Morning Gains Amid Fluctuating Oil Prices
Recent Trends in Cotton Prices and Futures
The cotton market has reported gains ranging from 62 to 77 points this morning. Last week ended on a positive note, with cotton prices increasing by 23 to 33 points on Friday. Notably, March cotton rose 148 points over the week. In contrast, crude oil futures dropped by 75 cents per barrel, while the US dollar index fell by $0.531.
Shifts in Cotton Futures Positions and Prices
Recent data from the Commodity Futures Trading Commission (CFTC) indicates that speculators reduced their short positions in cotton futures and options by 1,926 contracts as of February 11. This adjustment brought their net position down to -60,481 contracts as of Tuesday.
Latest Index and Sales Numbers
The Cotlook A Index saw an increase of 25 points, reaching 79.10 cents per pound on February 12. The Seam reported 4,022 bales of online sales on Thursday, averaging 64.73 cents per pound. Additionally, ICE cotton stocks remained steady at 218 bales of certified stocks as of February 13. The USDA increased its Adjusted World Price (AWP) by 81 points, marking it at 53.99 cents per pound last Thursday afternoon.
Current Cotton Prices
Here are the latest cotton prices:
- Mar 25 Cotton: Closed at 67.11, up 28 points, currently up 62 points
- May 25 Cotton: Closed at 68.31, up 33 points, currently up 76 points
- Jul 25 Cotton: Closed at 69.11, up 23 points, currently up 77 points
On the date of publication, Austin Schroeder did not hold any positions (either directly or indirectly) in the securities mentioned in this article. All information and data in this article are for informational purposes only. For more information, please view the Barchart Disclosure Policy here.
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