Cotton futures increased on Wednesday, with contracts rising between 20 to 33 points. Specifically, March 26 Cotton closed at 63.43 cents/lb (up 33 points), May 26 at 64.53 cents/lb (up 27 points), and July 26 at 65.58 cents/lb (up 20 points). Additionally, crude oil futures rose by $1.63 to $56.90 per barrel, while the US dollar index increased by $0.201 to 97.995.
As of December 2, spec traders reduced their net short position in cotton futures and options by 2,212 contracts, bringing the total to 59,787 contracts. In recent sales, an online auction reported the sale of 5,155 bales of cotton at an average price of 61.24 cents/lb. The Cotlook A Index increased by 5 points to 73.90 cents, while ICE certified cotton stocks decreased by 78 bales to 12,396 bales as of December 16. The Adjusted World Price stands at 50.39 cents/lb and is expected to be updated again on Thursday.
