Yesterday, the ICE cotton March 2025 contract settled at 68.57 cents per pound (0.453 kg), up by 0.17 cents. During the session, the March contract gained over one per cent after two days of declines. Other contracts ranged from 59 points higher to 7 points lower.
The trading volume surged to 34,310 contracts, the highest in the past six sessions. On December 31, the last day of 2024, 18,138 contracts were cleared, reflecting notable market activity. ICE data showed that as of December 31, the inventory for deliverable No. 2 cotton futures contracts remained steady at 20,113 bales.
According to market analysts, US cotton prices improved due to speculative buying, marking a minor recovery after a prolonged downtrend.
Higher international crude oil prices also supported cotton futures, as costlier oil makes alternative polyester fibres more expensive. Crude oil prices rose over $1 per barrel on January 2, driven by optimism about China's economic recovery and increased fuel demand after Beijing pledged growth support.
Currently, ICE cotton for March 2025 is trading at 68.58 cents per pound (up 0.01 cent). Cash cotton is trading at 66.07 cents (up 0.17 cent), the May 2024 contract at 69.75 cents per pound (up 0.02 cent), the July 2025 contract at 70.72 cents (down 0.03 cent), the October 2025 contract at 69.21 cents (up 0.16 cent), and the December 2025 contract at 69.70 cents (down 0.04 cents). A few contracts remained at the level of the last closing, with no trading noted today.
ALCHEMPro News Desk (KUL)
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