International Cotton Market

26-Nov-2024 08:11 AM

International Cotton Market
ICE Cotton futures saw solid gains on Monday, with price increases ranging from 53 to 95 points. This positive movement occurred against a mixed backdrop in the external markets, where the US dollar index dropped by 667 points, while crude oil futures experienced a decline, closing down by $2.15 per barrel.

The USDA's final NASS Crop Progress Report indicated that US cotton harvesting is currently 84% complete, surpassing the 5-year average of 80%, reflecting the continued progress in the cotton harvest.

On the sales front, The Seam reported online sales of 7,084 bales on November 22, with an average price of 63.99 cents per pound. ICE cotton stocks remained steady on Friday, holding at 13,274 bales in certified stocks. Additionally, the Cotlook A Index rose by 25 points to 80.95 cents per pound as of November 22.