Cotton Prices Slip After Gaining Ground on Thursday
On Friday, cotton prices retreated slightly following a strong rally the previous day. December futures climbed above 90 cents per pound during Thursday's session but faced losses in early trading on August 28, with declines ranging from 10 to 33 points across front-month contracts. Export sales for the week of August 20 totaled just 95,726 running bales (RB), marking a significant drop of nearly 47% compared to the same period last year. Despite this decline in new crop sales, shipments rose by over 60%, with Vietnam as the largest buyer and destination. Meanwhile, crude oil prices increased $1.31 per barrel, while the US dollar index saw minimal gains. The Cotlook A Index fell on August 26 to 97.60 cents/lb, and ICE certified cotton stocks remained unchanged at 66,327 bales.
Tickers: $ICE
Topics: commodities cotton market_data