The weekly CFTC Commitments of Traders report (legacy, futures only) showed noncommercial traders decreasing their net-short cotton futures position (blue line) by 870 contracts, putting it at 21,363 contracts as of Tuesday, October 1. Included in this was an increase in their long futures position (green line) of 214 contracts and a decrease of their short futures position (red line) by 656 contracts. Look for continued slow short-covering to be seen over the coming weeks, possibly providing light support to the market.
