Cotton Gained for Turnaround Tuesday

Cotton traders moved prices back up after yesterday’s near triple digit sell off. The front months ended with gains of 51 to 66 points, while Oct and Dec were 101 and 91 points higher respectively. USDA announced the third round of MFP payments. The Cotton Association of India held the crop estimate of 354.5 Lakh bales steady for the 19/20 production output estimate. Through the 18/19 MY India produced 287.1 lakh bales of cotton. ICE certified stocks were raised by 5,917 bales from Dallas/ Ft. Worth on 02/03, certified stocks total to 12,709 bales. Monday sales on the online cotton trading platform The Seam were 3,496 bales for an av gross price of 60.32 cents. The Cotlook A index was 150 points lower to 76.65 cents/lb on 02/03. The AWP for cotton is 60.59 cents/lb for this week.

Mar 20 Cotton closed at 67.35, up 51 points,

May 20 Cotton closed at 68.02, up 68 points

Jul 20 Cotton closed at 68.88, up 66 points

Oct 20 Cotton closed at 69.05, up 101 points

--- provided by Brugler Marketing & Management

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