International Cotton Market Update

30-Nov-2024 08:11 AM

International Cotton Market Update
Cotton futures saw gains of 10 to 22 points on Friday, bolstered by a surge in export activity. The price of March cotton increased by 116 points compared to last Friday, though it only rose by 10 points since the end of October. External markets showed mixed trends, with crude oil prices declining by 94 cents per barrel and the US dollar index falling by 248 points.

The latest export sales data revealed that 324,072 bales were sold for the 2024/25 season, marking a 1.74% increase compared to last year and representing the highest sales for the current marketing year. Pakistan was the largest buyer, purchasing 146,300 bales, while Vietnam bought 52,300 bales. Shipments for the week slightly decreased to 130,318 bales, though this was still 46.68% higher than the same week last year. Of the shipments, 25,200 bales were sent to Pakistan and 18,700 bales to Mexico.

The Seam reported 3,554 bales sold online on November 27 at an average price of 68.64 cents per pound. ICE cotton stocks remained unchanged, with certified stocks totaling 13,274 bales. The Cotlook A Index also remained stable at 82.00 cents per pound on November 27. Meanwhile, the USDA raised the Adjusted World Price (AWP) by 162 points this week to 57.53 cents per pound.