Cotton Prices Extend Gains into Monday Morning Trading

Cotton prices have extended their gains into Monday morning, with futures up by as much as 2-29 points. This follows a strong week for cotton, where December contracts rose 261 points. On Friday, crude oil was up 21 cents per barrel, and the US dollar index fell $0.308.

The Commitment of Traders report revealed that managed money spec funds increased their net long position in cotton futures and options by 9,869 contracts to 62,279 contracts in the week ending Tuesday.

Recent market data shows an average price of 67.75 cents per pound for 72 bales sold on August 6, according to The Seam. The Cotlook A Index also rose by 50 points that day to 93.50 cents.