Alan Brugler - Barchart
Wed Dec 7
After early week strength, cotton futures faded on Wednesday. The triple digit losses in the front months flipped March net lower for the week, down 276 points on Wednesday and a net 137 lower for the week to date.
Equity futures are lower again today, but off of the intraday lows. January ’23 crude oil is trading at the lowest price since January 2022. China’s President Xi is meeting with the Saudis. China is easing some COVID testing rules, but it is not clear whether that will initially help boost the economy or result in more sick days.
The Seam reported 5,805 bales were sold at spot on 12/06 for an average gross price of 85.95 cents. The Cotlook A Index was 75 points stronger on 12/06 to 102.10 cents/lb. The AWP for the week is 73.03 cents/lb, effective through Thursday.