Cotton futures closed on Wednesday with price increases, as contracts rose between 7 and 49 points. The July cotton contract closed at 86.81 cents per pound, up 49 points, while the December and March contracts closed at 86.46 cents and 87.03 cents, up 18 and 25 points respectively. The US dollar index increased by $0.215 to $98.395, while crude oil prices dropped by $1.18 to $101.00.
On the geopolitical front, President Trump and China’s President Xi concluded a meeting in Beijing early Wednesday, with limited details released and no mentions of potential purchases. Additionally, on May 12, The Seam reported sales of 1,110 bales of cotton at an average price of 82.50 cents per pound, while ICE certified cotton stocks rose by 1,160 bales, totaling 185,378 bales. The Adjusted World Price increased by 393 points last week to reach 69.59 cents per pound.
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