Cotton Futures Post Modest Gains
Trend-following funds bought 10,623 lots to boost their net long position to 60,145 lots, largest since April 9. Cash grower sales totaled 342 bales on The Seam.
Spot July hovered up 29 points to 86.70 cents at 7:59 a.m. CDT, trading within a 73-point range from 86.18 to 86.91 cents on a contract volume of 2,619 lots. The midpoint of its two-week range is 86.31. By Duane Howell DTN Cotton Correspondent
Cotton futures traded modestly ahead Monday after moving to an intraday high above highs of the previous three sessions.
December gained 32 points to 86.22 cents, just off the high of its tight 58-point range from 85.71 to 86.29 cents on a turnover of 450 lots.
In outside markets, Dow Jones futures eased off 15 points and S&P futures off 1.75, while dollar index futures fell 0.232 to 84.155, July crude oil dropped 45 cents to $95.84, Brent crude slipped 56 cents to $104.08 and gold lost $11.50 to $1,353.20. July contracts traded higher in corn and soybeans and lower in wheat.
China’s Zhengzhou cotton futures settled higher, up 95 yuan or 0.48% in July and 90 yuan or 0.45% in most-active September. Prices settled mixed on the China National Cotton Exchange and the China Cotton Index dipped two yuan.
In U.S. futures-options combined, trend-following funds bought 10,623 lots during the week ended May 14 to boost their net long position by 22% to 60,145 lots, largest since April 9, according to the latest traders-commitments data reported by the Commodity Futures Trading Commission.
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