Turnaround Tuesday cotton trading left the board 13 to 65 points higher. For March that moved price back above the $1.20 mark, while new crop Dec stayed a penny and 8 points under $1 at the day’s high. The US stock market once again had a very poor close, while purported safe haven gold (GLD) was up another $6.40 per ounce to $1848.10.
Zhengzhou Cotton Prices in China were back up on 1/25 by 35 yuan to 22,105 yuan/MT (~ $1.58/lb).
The Seam reported 16,598 bales were sold on 1/24 for an average price of 112.33 cents. The 1/25 DSQ showed 18,553 bales of cotton was sold at spot. The Cotlook A index was down by another 190 points to 134.80 cents/lb. The AWP for cotton is 110.44 cents through Thursday.
Mar 22 Cotton closed at 120.92, up 54 points,
May 22 Cotton closed at 118.44, up 65 points,
Dec 22 Cotton closed at 98.84, up 48 points
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