Caught that cotton futures price was holding up nicely on Wednesday - front month contracts up 10 to 15 points, which is a solid move. Crude oil gave things a boost, jumping $1.54 to $76.10, and the dollar weakening by a bit helped too. The SEAM reported about 6,789 bales moving at an average of 62.49 cents per pound that day. Interesting to see the Cotlook A Index pulled back 95 points though, settling around 74.95 cents. ICE stocks stayed flat at 129,302 bales on March 3rd. The Adjusted World Price got bumped up 1.79 cents the week before, hitting 51.84 cents per pound. So looking at the actual cotton futures price action - March contract closed at 62.16 cents, up 12 points, May finished at 64.16 cents also up 12, and July wrapped at 66.1 cents, up 15 points. Pretty decent day for cotton futures price momentum overall. Worth keeping an eye on how crude and the dollar keep shaping things going forward.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
Add a comment
Add a comment
No comments
  • Pin