Cotton futures saw significant gains on Tuesday, with contracts increasing by 65 to 76 points by midday. The price for March 26 Cotton reached 63.73 cents/lb, while May and July contracts were at 65.37 cents/lb and 66.97 cents/lb, respectively. This uptick in cotton prices was supported by rising crude oil futures, which climbed $1.52 to $62.14 per barrel.
In related market data, the online auction from The Seam reported sales at 59.58 cents/lb on 12,326 bales. The Cotlook A Index held steady at 74.05 cents as of January 23, and ICE certified cotton stocks decreased by 1,317 bales, bringing the total to 8,595 bales as of January 26. The Adjusted World Price was updated to 50.99 cents/lb, marking a decline of 18 points from the previous week.
