Cotton #2 Futures PricesFri, Oct 2nd, 2015
Latest Brugler Cotton #2 Report
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Cotton futures are currently trading 42 to 46 points higher after closing mostly 33 to 46 cents lower on Friday. December was down 44 points or 0.75% for the week. Weekly data from the CFTC showed managed money (MM) accounts adding a net 705 contracts to their net long position from a week earlier in the Commitment of Traders Report. As of Tuesday, MM accounts were net long 19,068 contracts. There were 44,757 certified bales in delivery warehouses on October 1, with 88 decertified. USDA put the AWP for this week at 44.32, boosting the LDP/MLG to 7.68 cents per pound from 7.39 last week. ICAC is projecting world cotton import trade of 7.6 MMT for 2015/16, UNCH from the previous year. Chinese imports are seen 12% lower at 1.6 MMT. Chinese stocks are still estimated at 11 MMT.
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