Cotton Market Lower on Weak Retail

Cotton futures are trading 42 to 116 points lower as global governments continue to restrict movement and urge that retail purchases focus on food and medicine. The dollar index is stronger in early morning trading overseas, and the US stock market futures are cautiously higher. Cotton futures were down 112 to 155 points on Friday. May futures were 249 points lower from Friday to Friday. The weekly CoT report showed managed money cotton funds were 15,255 contracts net short on 03/24. That is the largest net short in 23 weeks for that group. Managed money OI was down 3,576 contracts wk/wk to 53,551 contracts. Spec trader OI as of Tuesday was the lowest it’s been since 2012. The 03/26 Cotlook A index was back up 50 points to 63.55 c/lb. The AWP for cotton is 44.99 through Thursday. The LDP is 7.01. --- provided by Brugler Marketing & Management




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