Cotton prices saw steady to 8 point gains in the front months on Wednesday, following a slight dip in prices on Tuesday. Crude oil futures also experienced an increase of $1.92 per barrel, reaching $65.14, while the US dollar index rose to $97.570.
On Tuesday, The Seam’s online auction reported sales of 55.62 cents/lb on 8,680 bales. Additionally, the Cotlook A Index dropped by 45 points to 73.35 cents on February 3. ICE certified cotton stocks rose by 2,247 on 2/3, with certified stocks reaching 36,515 bales. The Adjusted World Price was last updated to 50.23 cents/lb.
As for cotton futures, Mar 26 Cotton was trading at 62.39, up 8 points, while May 26 Cotton remained unchanged at 64.11. Jul 26 Cotton saw a slight increase of 1 point, reaching 65.81.
It is important to note that the information and data provided in this article are for informational purposes only. The author, Austin Schroeder, does not hold any positions in the securities mentioned. For more details on this topic, the original article can be found on Barchart.com.
