"Prices are being boosted somewhat by pre-report positioning, looking for a greater need for squaring up position sizes rather than going through with a big bet," said Jon Marcus, president of Lakefront Futures and Options brokerage in Chicago.
The US Department of Agriculture's (USDA) monthly World Agriculture Supply and Demand Estimates (WASDE) report is due at 12:00 p.m. EDT (1600 GMT) on Tuesday.
Speculators increased their net short position in cotton futures by 1,538 contracts to 13,023 contracts in the week to May 5, US Commodity Futures Trading Commission (CFTC) said on Friday.
Total futures market volume fell by 12,749 to 12,611 lots. Data showed total open interest fell 1,244 to 174,331 contracts in the previous session.
New York cotton
NEW YORK: The following were the fluctuations observed during the day:
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Current Session Prior Day
Open High Low Last Time Set Chg Vol Set
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Jul'20 55.75 57.15 55.75 56.77 12:41 - 0.50 7997 56.27
May 11
Oct'20 57.95 57.95 57.47 57.63 12:39 - 0.25 15 57.38
May 11
Dec'20 57.25 58.11 57.15 57.60 12:41 - -0.02 4834 57.62
May 11
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