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Cotton futures are experiencing gains of 60 to 65 points across most contracts on Wednesday. The December 25 Cotton contract is at 65.69 cents, up 64 points, while the March 26 and May 26 Cotton contracts are at 67.23 cents and 68.42 cents, increasing by 63 and 62 points, respectively.
In related commodities, crude oil futures rose by 44 cents per barrel, reaching $60.59, and the US dollar index increased by $0.057 to 98.510. Additionally, a recent online auction from The Seam sold 3,401 bales of cotton at an average price of 61.63 cents per pound, with ICE certified cotton stocks increasing by 500 bales to 18,052 bales as of October 28.
These market movements occur in anticipation of a meeting between Trump and Xi scheduled for later today in South Korea, which is fostering some optimism among traders.
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