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Cotton are extending the gains, with contracts up 40 to 66 points at midday. The US dollar index is $0.039 lower at $98.400. Crude oil is back up just $3.03 this morning, though more than $5 off the overnight highs following the breakdown of US/Iran negotiations this weekend.
Managed money was slashing another 10,206 contracts from their net short in cotton futures and options in the week of April 7. That took their near record (in mid-February) net short to just net short 2,020 contracts.
The Seam showed 3,340 bales sold on 4/10 at an average of 68.29 cents/lb. The Cotlook A Index was 170 points higher on April 10 at 84.25 cents. ICE certified cotton stocks were up 4,360 bales on Friday, with the certified stocks level at 144,211 bales. The Adjusted World Price was up another 175 points last week at 58.74 cents/lb.Â
On the date of publication,
Austin Schroeder
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.
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