Cotton prices were off their session highs at the close, but still up by 6 to 19 points across the front months. For July that ended the week with a 6.19 cent gain.
The Commitment of Traders report showed managed money had reduced their net short by 1k contracts to 12,764 through the week that ended 5/16. The commercials were adding hedges, though the 12,585 new contracts only reduced the group’s net short by 937 to 36,095.
Zhengzhou Cotton Prices in China were off their highs on Thursday’s close, but still up 50 yuan to 16,010 yuan/MT (~ $1.03 63/100 /lb).
USDA’s weekly Cotton Market Review showed 38,853 bales were sold this week at an average price of 80.57 cents. The season’s full sales were 672k bales, compared to 1.614 million last year. The 5/18 Cotlook A Index was 280 points higher to 97.85 cents/lb. The AWP for cotton was another 13 points higher to 68.10 cents/lb.
Jul 23 Cotton closed at 86.72, up 6 points,
Dec 23 Cotton closed at 83.89, up 17 points,
Mar 24 Cotton closed at 83.62, up 18 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.
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