Turnaround Tuesday in Cotton Futures

The domestic cotton futures market is 55 to 62 points weaker so far on Turnaround Tuesday. November Cotton futures on the ZXE were 14,770 yuan/MT (~$1.0036/lb) on 10/19. March contracts closed at 15,060 yuan/MT (~$1.023/lb). The national average spot price for cotton was 67.41 cents/lb on 10/19, according to cmdtyView data. USDA said 4,935 bales were sold at spot for 65.84 cents/lb, in the Daily Spot Quotations report. NASS reported US cotton harvest was 34% complete, up 8% on the week and even with the average. Conditions were a 306 on the Brugler500 index. That was down 1 point from last week, and still 15 points below the same week last season. The Cotlook A index was 75.40 cents/lb on 10/19, up 75 points. The week’s AWP for cotton of 53.43 cents/lb.

Dec 20 Cotton is at 70.55, down 61 points,

Mar 21 Cotton is at 71.23, down 60 points

May 21 Cotton is at 71.79, down 62 points

Jul 21 Cotton is at 72.31, down 55 points

--- provided by Brugler Marketing & Management

Market Commentary provided by:

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