Yesterday, the ICE cotton December contract settled at 71.53 cents per pound (0.453 kg), down by 0.98 cents.
ICE cotton prices dropped amid pressure on the commodity, despite a weaker dollar making purchases more affordable for overseas buyers.
The US cotton market remains volatile ahead of the presidential election, with recent USDA reports showing increased exports and improved crop conditions.
The December contract settled at 71.53 cents per pound, with mixed activity across future contracts.
The dollar index has been under pressure, slipping by 0.3 per cent after a consistent rise, making cotton purchases cheaper for international buyers.
Market analysts noted that the US cotton market could experience further volatility in the coming days due to the close race between Kamala Harris and Donald Trump in the US presidential election.
The USDA’s weekly export report showed cotton exports of 98,400 running bales (RB), up 70 per cent from the prior week and 16 per cent higher than the 4-week average. Net sales of Upland cotton for the 2024-25 season totalled 169,700 RB, marking a 6 per cent increase from the previous week. Traders anticipated higher exports and increased activity in the next report.
The USDA’s crop progress report revealed that 37 per cent of the US cotton crop is now in good-to-excellent condition, up from 34 per cent the previous week.
Currently, ICE cotton for December 2024 is trading at 71.53 cents per pound. Cash cotton is at 66.53 cents (down 0.98 cents), the March 2025 contract at 73.64 cents per pound (up 0.02 cents), the May 2025 contract at 75.05 cents (up 0.02 cents), the July 2025 contract at 75.90 cents (down 0.08 cents), and the October 2025 contract at 74.35 cents (down 0.88 cents). A few contracts remained at the previous closing levels, with no trading activity noted today.
Fibre2Fashion News Desk (KUL)
