On Monday, ICE cotton futures posted gains of 55 to 64 points in the nearby contracts, rebounding after the holiday-slowed weeks. Crude oil futures rose by $1.08 per barrel to $58.34, while the U.S. dollar index fell 0.113 points to 98.045.

According to USDA’s Export Sales report, cotton sales for the week ending December 25 totaled 133,996 running bales. Cotton shipments were recorded at 140,723 running bales, down from the previous week.

Commitment of Traders data showed that as of last Tuesday, managed funds reduced 1,368 contracts from their net short position in cotton futures and options, bringing the net short down to 49,078 contracts.

The Seam’s online auction recorded sales of 4,796 bales on January 2 at an average price of 57.81 cents per pound. The Cotlook A Index was steady at 74.30 cents on Friday. ICE certified cotton stocks were unchanged on January 2 at 11,510 bales. The Adjusted World Price was updated last week to 50.76 cents per pound, up 74 points from the previous week. The LDP rate now stands at 1.24 cents.