Cotton prices are up 19 to 36 points so far on Tuesday. Futures closed the Monday session coming down from the overnight highs, but still with 30 to 36 point gains at the final bell. Crude oil futures were up a nickel/barrel to $61.55, with the US dollar index down $0.021 to $98.750.
US and Chinese negotiators had constructive discussions over the weekend in Malaysia, come out with a framework for President Trump and China’s President Xi to discuss this Thursday. Nothing specific on cotton was mentioned, but the two sides coming together is seen as friendly.
The Friday online auction from The Seam showed 679 bales sold with an average price of 58.95 cents/lb. The Cotlook A Index was back up 25 points on 10/24 at 75.55 cents. ICE certified cotton stocks were steady on October 24, with the certified stocks level at 17,552 bales.
