Commodities
Cotton Futures Close Lower Amid Profit-Taking Pressure
Cotton futures closed lower on Friday, pressured by profit-taking at week's end. The losses ranged from 19 to 114 points across various contracts.
The December contract still managed a weekly gain of 303 points, bucking the overall trend. Crude oil prices also declined, down 9 cents per barrel, while the US dollar index rose $0.533.
Commitment of Traders data revealed that managed money continued to add to their net long positions in cotton futures and options, increasing by another 17,173 contracts during the week ending August 25. This brought their total net long to 95,841 contracts on Tuesday.