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Cotton futures closed on Monday with gains between 30 to 36 points, despite coming down from overnight highs. Crude oil futures rose by $0.05 to $61.55 per barrel, while the US dollar index fell by $0.021 to 98.750.
Negotiators from the US and China held constructive talks over the weekend in Malaysia, laying groundwork for discussions between President Trump and China’s President Xi scheduled for Thursday. While specifics on cotton were not mentioned, the atmosphere was perceived as positive.
In a recent online auction, 679 bales of cotton were sold at an average price of 58.95 cents/lb. As of October 24, the Cotlook A Index increased by 25 points to 75.55 cents, while ICE certified cotton stocks remained steady at 17,552 bales.
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