ICE cotton futures declined by over one percent, hitting its lowest level in the last five months. A stronger dollar makes US cotton purchases more expensive, which dampened buying from overseas buyers, especially slower buying from China. The weaker dollar also added to the weakness in US cotton futures. Higher US retail sales data raised expectations of a cautious stance on interest rate cuts, keeping the dollar stronger, which further weighed on cotton prices.
Yesterday, the ICE cotton March 2025 contract settled at 66.60 cents per pound (0.453 kg), down by 1.04 cents. The contract touched a low of 66.60 cents, marking the weakest price since August 2024.
ICE cotton futures fell over 1 per cent, reaching a 5-month low, due to a stronger US dollar and weaker buying from China.
The USDA reported a 17 per cent increase in cotton exports, though sales to China remained low.
Falling…
