Cotton Market Working on Fourth Day of Gains

The Thursday cotton market is another 7 to 21 points higher. Front month cotton futures closed the midweek with a third green candle. Dec futures were 1.9 cents/lb higher than the start of the week. The impending Hurricane Delta, projected to make landfall by Saturday, is adding some risk premium to the crops in those fields. The Daily Spot Cotton Quotations report from USDA showed 10,646 bales sold at spot on Wednesday. The average price was 61.95 cents/lb. Tuesday sales on The Seam were 6,553 bales at an average price of 58.90 cents/lb. The Cotlook A index for 10/06 was 25 points higher to 71.55 cents/lb. The Adjusted World Price for cotton is 50.67 cents/lb, with a 1.33 cent LDP. Both will be updated after the close today.

--- provided by Brugler Marketing & Management




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