Cotton futures are declining after initial midday gains, with contracts dropping 3 to 5 points. As of this morning, crude oil futures fell by 76 cents to $56.40 per barrel, while the US dollar index rose by $0.173 to 98.335.
In the latest auction on Tuesday, The Seam reported cotton sales at an average price of 61.13 cents per pound across 41,576 bales. The Cotlook A Index increased by 65 points to 74.70 cents on January 6, with ICE certified cotton stocks remaining unchanged at 11,510 bales. The Adjusted World Price for cotton was updated to 50.76 cents per pound, reflecting a 74-point increase from the previous week.
On the futures market, March cotton closed at 64.85 cents, down 21 points; May cotton ended at 66.27 cents, down 16 points; and July cotton finished at 67.61 cents, down 13 points.
