Cotton Futures Drop Amid Market Pressures
Recent setbacks in the cotton market were influenced by external factors, leading to declines in future contracts. At the close, prices fell by 46 to 129 points, reflecting the challenging market environment. In the wider marketplace, crude oil prices decreased by $2.24 per barrel, and the US dollar index rose by 515 points.
Online Sales and Price Updates
According to The Seam, there were 2,681 bales sold online on November 8, with prices averaging 69.63 cents per pound. Meanwhile, ICE cotton stocks remained stable on Friday, holding at 174 bales of certified stocks. On November 8, the Cotlook A Index registered an increase of 135 points, now sitting at 83.35 cents per pound. In contrast, the USDA Adjusted World Price (AWP) faced a decrease, down 58 points last week to settle at 57.96 cents per pound, as reported on Thursday afternoon.
Future Contract Prices
The following are the closing prices for cotton futures:
- Mar 25 Cotton: Closed at 72.2, down 105 points.
- May 25 Cotton: Closed at 73.55, down 104 points.
- Jul 25 Cotton: Closed at 74.78, down 98 points.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
