Cotton #2 Futures PricesFri, Jul 22nd, 2016
Latest Brugler Cotton #2 Report
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Cotton futures closed 14 to 29 points lower, led by benchmark Dec16 cotton. That contract was down 160 points on the week. Managed money added 13,747 contracts to their net long CFTC position during the week ending July 19. As of the close on Tuesday, the group held a net long position of 63,266 contracts. In June, China imported 72,750 tonnes of cotton, down 55% from June 2015. According to Commonwealth Bank of Australia’s Tobin Gorey, there have been low levels of import quotas issued by the government. Any cotton imported without said quotas are faced by large import duties. The Cotlook A Index was 100 points lower to 83.30. ICE reported that there were 120,078 certified bales in storage warehouses on July 21, with 5,951 decertified bales. Last night, the USDA set the AWP for the upcoming week at 65.28. The LDP through next Thursday remains at zero.
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