Cotton Turning Higher at Midday
The cotton market is trading with contracts up 35 to 60 points across most months on Monday. The outside market factors are helpful, with gains of 45 cents in oil and the dollar index down 120 points.
The Friday afternoon Commitment of Traders report showed spec adding 11,765 contracts to their new net short position as of 5/7 at 13,699 contracts.
The Seam reported 107 bales sold on Thursday at an average price of 64.58 cents/lb. ICE certified cotton stocks were down 176 on decertification on May 10 at 166,311 bales. The Cotlook A Index was back down 150 points on May 10 at 86.40 cents/lb. The AWP dropped another 91 points to 59.64 last Thursday and is good through this week.
Jul 24 Cotton is at 77.91, up 60 points,
Oct 24 Cotton is at 76.54, down 20 points,
Mar 25 Cotton is at 77.08, up 35 points
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
