Cotton futures are showing gains of 13 to 61 points on Monday, despite the US dollar being 305 points higher. CFTC data showed spec traders with a net long position of 70,284 contracts in cotton futures and options contracts as of Tuesday. That was an increase of 14,104 contracts from the previous week and just in time to be hammered by the post-USDA report sell off. The Cotton AWP was updated to 63.27 cents/lb, down 86 points from the previous week. The Cotlook A index for September 15 was unchanged from the previous day at 79.1 cents/lb. China sold another 24,200 MT of cotton in Monday’s auction of state reserves that saw 25,200 MT offered.

Oct 17 Cotton is at 70.74, up 61 points,

Dec 17 Cotton is at 69.2, up 13 points

Mar 18 Cotton is at 68.25, up 26 points

May 18 Cotton is at 68.690, up 21 points

Market Commentary provided by:

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