ICE cotton gains as dollar weakens; traders await export data

Yesterday, the ICE cotton March 2025 contract settled at 71.75 cents per pound (0.453 kg), up by 0.07 cents. The contract reached its highest level since November 12 on Wednesday. It has risen by approximately 4 cents over the past week, nearing 72 cents per pound.

The dollar index was slightly lower, providing support to US cotton prices. US commodity markets were closed on Thursday for the Thanksgiving holiday and will reopen on Friday, albeit with early closing hours.

In the crude oil market, international oil prices fell slightly as an unexpected increase in US commercial crude oil inventories last week overshadowed easing supply concerns.

Investors are also awaiting the release of the USDA’s weekly export sales report, which was delayed by one day to Friday due to the Thanksgiving holiday in the United States.

According to ICE data, as of November 26, the inventory of ICE’s deliverable No. 2 cotton futures contracts remained unchanged at 13,274 bales, the same as on the previous trading day.

ICE cotton for March 2025 settled on Wednesday at 71.75 cents per pound (up 0.07 cents). Cash cotton settled at 67.75 cents (up 0.07 cents), while the December 2024 contract settled at 73.57 cents per pound (up 0.20 cents), the May 2025 contract at 72.84 cents (up 0.05 cents), the July 2025 contract at 73.83 cents (up 0.06 cents), and the October 2025 contract at 72.88 cents (down 0.05 cents).

Fibre2Fashion News Desk (KUL)