ICE cotton gains slightly amid rising crude prices, weaker dollar

Yesterday, the ICE cotton December contract settled at 69.95 cents per pound (0.453 kg), a slight increase of 0.02 cents. The March contract also closed at 72.27 cents, up by 3 points.

The rise in crude oil prices by $2.20 per barrel provided support for US cotton, as higher crude oil costs increased production expenses across the polyester value chain. The declining US dollar index also played a supportive role, making cotton purchases more affordable for international buyers.

On Friday, ICE cotton stocks remained steady at 174 certified bales. The National Agricultural Statistics Service (NASS) reported that the US cotton harvest had reached 63 per cent completion as of November 3, 9 per cent ahead of the five-year average.

Currently, the ICE cotton December 2024 contract is trading at 69.95 cents per pound (up 0.02 cents). Cash cotton is trading at 65.68 cents (up 0.01 cent). The March 2025 contract stands at 72.30 cents per pound (up 0.03 cents), the May 2025 contract at 73.80 cents (up 0.04 cents), the July 2025 contract at 74.95 cents (down 0.08 cent), and the October 2025 contract at 74.98 cents (up 0.23 cents). Several contracts have seen no movement today, remaining at their previous closing levels.

Fibre2Fashion News Desk (KUL)