On March 26, cotton futures experienced a decline, with the March contract closing at 62.31 cents/lb, down 36 points, while May closed at 64.11 cents/lb, down 29 points, and July at 65.8 cents/lb, down 30 points. Concurrently, crude oil futures rose by $1.76 to $63.90 per barrel following the U.S. military’s interception of an Iranian drone in the Arabian Sea.
In the previous day’s online auction, The Seam reported sales at 56.99 cents/lb for a total of 8,955 bales. The Cotlook A Index fell 15 points to 73.80 cents, and ICE certified cotton stocks slightly increased by 2 bales to a total of 34,228. Last week, the Adjusted World Price was updated to 50.23 cents/lb.
