The New York Commodity Exchange (ICE Futures) for cotton closed with higher prices on Tuesday (25).

The market finally skyrocketed with technical recovery and accompanying oil.

Signs that the market is oversold after recent sharp declines spurred coverage of short positions. The worsening conditions of American crops contributed to the advances.

According to the USDA, until October 23, 30% were between good and excellent conditions, 25% in regular situation and 45% in conditions between bad and very bad.

Last week, it was 31%, 23% and 46%, respectively.

December/2022 delivery contracts closed the day at 78.47 cents per pound-weight, up 2.34 cents, or 3.1 percent. The March/2023 position closed at 77.94 cents, up 2.20 cents, or 2.9%.

Source: Canal Rural