Yesterday, the ICE cotton March 2025 contract settled at 67.44 cents per pound (0.453 kg), up by 0.33 cents. The contract was down by 13 points for the week despite gains on Thursday. Other contracts were up by 15 points to 42 points.
ICE cotton futures rose on Thursday, supported by gains in CBOT grains and crude oil, which increased polyester costs.
The March 2025 contract settled at 67.44 cents, up 0.33 cents but down 13 points for the week.
Trading volume fell to 35,235 contracts.
Analysts see short-term prices ranging from 66-68 cents, with potential 10-cent gains due to reduced planting and weather issues.
Oil prices increased on Thursday, raising the cost of polyester, a cotton substitute, which may enhance demand for cotton.
The total trading volume was 35,235 contracts, lower than the previous day’s 39,439 contracts and the average of the last 10 sessions. As of January 22, ICE deliverable stocks for No. 2 cotton futures remained unchanged at 218 bales.
The rise in CBOT soybean and corn futures lent support to cotton prices, as traders considered the weather impacts on South American crops. Traders are awaiting the USDA weekly export sales report, which was delayed by one day due to the Martin Luther King Day holiday.
Analysts expect short-term cotton prices to range between 66 and 68 cents per pound. There is potential for a 10-cent rise in the coming months due to reduced planted areas and adverse weather conditions.
Currently, ICE cotton for March 2025 is trading at 67.89 cents per pound (up 0.42 cents). Cash cotton is trading at 64.97 cents (up 0.33 cents), the May 2024 contract at 69.00 cents per pound (up 0.46 cents), the July 2025 contract at 70.06 cents (up 0.42 cents), the October 2025 contract at 69.83 cents (up 0.36 cents), and the December 2025 contract at 69.83 cents (up 0.37 cents). A few contracts remain at the level of the last closing, with no trading noted today.
Fibre2Fashion News Desk (KUL)
