Cotton Closes with Midweek Gains

Group 1 - Cotton futures increased by 25 to 30 points in the front months during the Wednesday session [1] - Crude oil futures rose by 71 cents per barrel, closing at $58.96, while the US dollar index decreased by $0.578 to $98.620 [1] - Managed money reduced their net short position by 3,453 contracts, bringing the total to 60,329 contracts as of November 10 [1] Group 2 - An online auction from The Seam reported sales of 6,299 bales at an average price of 59.38 cents per pound [2] - The Cotlook A Index fell by 25 points to 73.70 cents on December 9, while ICE certified cotton stocks remained steady at 13,971 bales [2] - The Adjusted World Price increased by 51 points to 51.28 cents per pound last week [2] - Cotton futures for Mar 26, May 26, and Jul 26 closed at 64.12, 65.17, and 66.16 respectively, with increases of 26, 25, and 25 points [2]