Cotton futures are trading lower by 70 to 80 points as of March 26, with March contracts at 63.61 cents per pound, up 25 points. Meanwhile, crude oil has risen $3.50 to nearly $5 off overnight highs, following U.S. and Israeli strikes on Iran over the weekend. The U.S. dollar index has also increased by $0.875 to 98.440.
Committed trader data from last Tuesday indicates a reduction of 14,140 contracts from the spec fund net short position, now totaling 65,368 contracts. Additionally, The Seam reported the sale of 3,011 bales at an average price of 62.83 cents per pound on February 27. ICE certified cotton stocks saw an increase of 6,721 bales, bringing the total to 126,178 bales, while the Adjusted World Price has risen by 1.79 cents to 51.84 cents per pound.
