Cotton futures saw gains of 43 to 53 points on Wednesday, with July contracts closing at 66.44 cents, October at 67.87 cents, and December at 68.32 cents. This increase followed a rise in crude oil prices by 56 cents per barrel and a decrease in the US dollar index by $0.165.
Traders expect cotton acreage to reach 10 million acres, with a report due on June 30. In the previous day’s online auction, only 182 bales were sold at an average price of 59 cents. The Cotlook A Index rose to 78.40, while ICE cotton stocks decreased by 1,196 bales, bringing certified stocks to 61,136 bales. The USDA’s Adjusted World Price (AWP) increased to 54.03 cents per pound.
