Cotton Pulling Back on Monday After Friday’s Bounce
Overnight market action in the cotton market has futures down 38 to 150 Cotton prices closed out the week with a dead cat bounce, up 53 to 244 points. July was down 284 points for the full week, with December 134 points lower. A weaker US dollar helped cotton bulls a touch, closing out Friday with losses of 218 points and a 3 day losing streak.
Commitment of Traders data shows managed money in cotton futures and options flipping to a new net short position during the week that ended on 4/30 to -1,934 contracts that was a bear move of 11,435 contracts on the week the ended on Tuesday.
ICE certified cotton stocks were down 11 bales on the first of May at 186,110 bales. The Cotlook A Index was back down 175 points on May 2 at 83.55 cents/lb. The AWP dropped another 78 points to 60.55.
May 24 Cotton closed at 77.36, up 244 points, currently unch
Jul 24 Cotton closed at 78.06, up 244 points, currently down 150 points
Dec 24 Cotton closed at 75.97, up 179 points, currently down 90 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.
