Cotton futures increased by 45 to 99 points on Friday, closing with a total gain of 442 points for December. The USDA’s WASDE report revealed new crop projections raised by 400,000 bales to 4.1 million, driven by a production increase to 13.7 million bales, reflective of larger acreage data. Meanwhile, the Cotlook A Index fell to 89.75 cents.
In the Commitment of Traders report, managed money speculators added 7,121 contracts to their net long position in cotton futures, bringing the total to 39,106 contracts as of Tuesday. Additionally, ICE certified cotton stocks decreased by 26,320 bales, with current certified stocks at 158,607 bales.
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