Cotton prices rose by 14 to 25 points on Monday, with March futures closing down 8 points from the previous week. Crude oil futures increased by 55 cents to $56.55 per barrel, while the US dollar index rose by $0.292 to $98.380.
As of December 15, cotton ginning data reported a total of 10.212 million running bales (RB) ginned, marking a 1.567 million RB increase over the last two weeks, though down 10% from the same time last year. The online auction on December 18 sold 9,858 bales at an average price of 60.53 cents per pound.
CFTC data for the week ending December 9 showed managed money reducing their net short position by 4,774 contracts, resulting in a total of 55,013 contracts. The Cotlook A Index rose by 30 points to 73.30 cents, while ICE certified cotton stocks remained steady at 12,396 bales.
