Cotton futures retreat 54 to 92 points in Tuesday morning trade
AI Market Summary
Cotton futures are softer Tuesday after Monday's rebound, pressured by a sharp drop in crude oil and only a modest move higher in the dollar. US crop progress and boll-setting are running near seasonal norms, while crop conditions improved to 46% good/excellent, reinforcing expectations for adequate supply. Stable certified ICE stocks and an unchanged Cotlook A index suggest limited near-term support from inventories or benchmark pricing.
Impact level
● Medium
Affected assets
NCCOCOTTON2USD/USDT+0.33%
AI Insight · NCCOCOTTON2USD/USDTAI Insight
▼ Bearish
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Cotton futures were down 54 to 92 points early Tuesday after finishing Monday up 54 to 90 points. Crude oil fell $7.40 per barrel, while the U.S. dollar index added 0.083. U.S. cotton was 45% setting bolls, in line with the 5-year average, and crop conditions improved to 46% good/excellent. The Cotlook A Index was unchanged on July 24 at 90.35 cents/lb, and ICE certified stocks held at 94,235 bales.
