Speculators boosted their net long position in cotton contracts on ICE Futures US to their highest levels in 8-1/2 years in the week ended August 2, and slashed their cocoa net long to a 2-1/2 year low, US government data showed on Friday. They also cut raw sugar bullish bets for the sixth straight week and reduced their coffee net long, the Commodity Futures Trading Commission data showed.
The dealers boosted their bullish stance in cotton by 4,339 contracts to 85,310 contracts, the highest level since March 2008. The move came as prices rose to two-week highs. Since then, they have surged to their highest levels since June 2014. The speculators slashed their bullish stance in cocoa by 6,504 lots to 8,532 lots, the lowest level since April 2013. That cut came as prices touched their lowest level in more than five months, though they have since rebounded. They once again slashed their bullish stance in raw sugar, lowering their net long by 3,984 lots to 257,005 lots, the lowest level since mid-June. The noncommercial dealers reduced their net long stance in arabica coffee for the second straight week, down by 2,240 contracts to 32,898 contracts, the CFTC said.