ICE cotton gained on Monday, the fourth consecutive session since Could 18, 2023. Weaker greenback index and robust export gross sales boosted cotton costs. Nonetheless, decline pattern in crude oil was the strain level for US cotton as cheaper polyester fibre capped beneficial properties in ICE cotton costs.
Yesterday, ICE cotton March 2025 contract settled at 71.72 cents per pound (0.453 kg) up by 0.95 cents. Earlier within the session, the contract hit a highest degree of 71.99 cents since November 12. December contract rose by 1.55 cents, whereas different contracts gained as much as 0.83 cent.
ICE cotton costs rose for the fourth session, pushed by a weaker greenback and robust US export gross sales, regardless of strain from falling crude oil costs lowering polyester prices.
March 2025 cotton settled at 71.72 cents/lb, with December 2024 up by 1.55 cents.
US cotton harvesting reached 84 per cent, above the five-year common.
Buying and selling quantity on November 25 was 49,810 contracts.
Greenback index eased by 0.61 per cent to 106.83, which was 1 per cent under its two-year excessive from final Friday. Falling greenback made cotton buy inexpensive for abroad patrons. Crude oil costs dropped by over $1 per barrel on Monday. It diminished value of manufacturing of polyester, which is man-made substitute of cotton.
Analysts mentioned that weaker greenback and better exports gross sales from the US are driving elements for the pure fibre.
The buying and selling quantity on November 25 reached 49,810 contracts, with 29,105 contracts cleared final Friday. ICE deliverable cotton inventories remained at 13,274 bales as of November 22, unchanged from yesterday.
USDA (US Division of Agriculture) reported that US cotton harvesting reached 84 per cent completion, in comparison with 77 per cent the earlier week, 81 per cent in the identical interval final 12 months, and the five-year common of 80 per cent.
At current, ICE cotton for March 2025 was traded at 71.40 cents per pound (down 0.32 cent). Money cotton was settled at 67.72 cents (up 0.95 cent), the December 2024 contract at 73.20 cents per pound (up 1.55 cent), the Could 2025 contract at 72.45 cents (down 0.27 cents), the July 2025 contract at 73.34 cents (down 0.34 cent), and the October 2025 contract at 72.33 cents (up 0.68 cents). A couple of contracts remained on the degree of the final closing, with no buying and selling famous as we speak.
