Cotton futures experienced gains of 110 to 247 points on Monday, with October futures closing at 79.85 cents per pound. In contrast, crude oil prices fell by $4.81 per barrel, while the US dollar index rose by 0.255.
As of Sunday, 65% of the US cotton crop had bolls opening, and 13% was harvested. Condition ratings dipped to 34% good/excellent, a 2 percentage point decrease from the previous week. Additionally, weekly data indicated that ICE certified cotton stocks decreased by 869 bales to 35,748 bales, and the Adjusted World Price fell 59 points to 68.92 cents per pound.
US Treasury Secretary Bessent met with Chinese officials over the weekend in preparation for a key meeting between the countries’ leaders, leading traders to resume risk-taking in the market.
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