Nearby cotton futures are currently 11 to 20 points in the red, but off the session lows by 70 points.
Weekly data from CFTC showed the funds extended their net short by 2.5k to 6.9k contracts. Commercial cotton traders added 4.6k new contracts during the week, but on net only reduced their net short by 144 to 40,585.
USDA’s weekly Cotton Market Review had 42,224 bales sold during the week with prices averaging 76.75 cents. The Seam reported 22,424 bales were sold online on 1/11 for an average gross price of 75.71 cents/lb. The Cotlook A Index was 25 points stronger on 1/9 to 90.65 cents/lb. The AWP was up by another 80 points to 64.96 cents/lb., effective through next Thursday.
Mar 24 Cotton closed at 81.2, down 11 points,
May 24 Cotton closed at 82.18, down 11 points,
Jul 24 Cotton closed at 82.85, down 9 points
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