Cotton futures experienced a decline of 45 to 55 points on Tuesday, with March contracts closing at 62.04 cents per pound and May contracts at 64.04 cents. In related markets, crude oil prices increased by $3.58, reaching $74.81 per barrel, while the US dollar index rose by $0.940 to 98.505. These market movements are influenced by geopolitical uncertainty, particularly concerning China’s call to halt strikes on Iran.
On March 2, The Seam reported sales of 3,444 bales of cotton, with an average price of 61.70 cents per pound. The Cotlook A Index rose by 25 points to 75.90 cents. Additionally, ICE certified cotton stocks increased by 3,124 bales, bringing the total to 129,302 bales. The Adjusted World Price also saw an increase of 1.79 cents last week, now standing at 51.84 cents per pound.
