Yesterday, the ICE cotton December contract settled at 75.34 cents per pound (0.453 kg), up by 45 points. ICE cotton closed slightly higher yesterday, hitting a nearly one-month high at the beginning of the session, according to trade analysts.
The dollar index was noted nearly 0.45 per cent higher, making cotton purchases more expensive for foreign buyers. Cotton futures managed to register gains yesterday.
The trading volume was 33,036 contracts, with 36,303 contracts cleared the previous day. Open interest was 212,400 contracts, up by 309 contracts. Certified stocks in the ICE cotton exchange began the day at 97,562 bales, down 2,819 bales due to decertification. The decertifications are not tied to July notices, with the first delivery day being July 1. There were zero bales awaiting review.
The US Department of Agriculture (USDA) will release its weekly export sales report today. Market participants are also anticipating the USDA's annual crop acreage report, which may impact market expectations and prices. It is set to be released on 29 June. The market was showing some technical buying, which may improve after any adversity in the data in the coming days.
On Thursday, ICE cotton for July 2024 traded 0.10 cents higher at 72.70 cents per pound. Cash cotton traded at 68.59 cents (up 0.38 cents), the October contract at 74.59 cents (up 0.38 cents), the December 2024 contract at 75.09 cents (down 0.25 cents), the March 2025 contract at 76.47 cents per pound (down 0.28 cents), and the May 2025 contract at 77.64 cents (down 0.29 cents). A few contracts were seen at the level of the last closing, with no trading noted today.
Fibre2Fashion News Desk (KUL)