Cotton futures declined on May 5, 2023, with contracts falling between 31 to 75 points. The May contract closed at 81.71 cents per pound, while the July and December contracts settled at 84.05 and 84.76 cents per pound, respectively. Meanwhile, the US dollar index decreased by 0.420 to 97.890, and crude oil prices dropped by $6.06 amid ongoing discussions between the US and Iran regarding a memorandum of understanding for safe passage through the Strait of Hormuz.
On the same day, the Seam reported the sale of 7,483 bales of cotton at an average price of 79.55 cents per pound. The Cotlook A Index rose by 75 points to reach 92.80 cents, and ICE certified cotton stocks increased by 1,760 bales, totaling 181,952 bales. The Adjusted World Price also moved up by 40 points, bringing it to 65.66 cents per pound, applicable through May 11.
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