ICE cotton loses prior gains as crude oil prices decline
ICE's most active December 2025 contract settled at 67.56 cents per pound (0.453 kg), down 0.25 cent, with other contracts also closing 3 to 17 points lower. Crude oil prices fell as traders assessed possible outcomes of Russia-Ukraine-US peace talks, which could ease sanctions on Russian crude and increase global supply, further boosting polyester's appeal over cotton.
ICE cotton futures slipped as falling crude oil boosted polyester's appeal, pressuring demand. Weak US dollar cushioned losses by supporting overseas buying. India's suspension of its 11 per cent import duty may aid US growers, and will cut raw cotton costs and boost India's textile exports. Traders await Fed signals and USDA export data.
Meanwhile, the dollar weakened against the euro and yen, making dollar-denominated cotton cheaper for overseas buyers. Chicago wheat futures hit new all-time intraday and closing lows after upward revisions to Russia's wheat crop and ongoing peace negotiations added pressure. US corn futures also declined as Midwest field inspections pointed to strong production and abundant supply.
Market analysts noted continued selling by cotton speculators, with brief upward momentum fading due to weak demand. Traders are awaiting the Federal Reserve's Jackson Hole symposium later this week for signals on the US interest rate outlook. USDA's weekly export sales report, due Thursday, is also expected to provide a clearer picture of cotton demand.
India suspended its 11 per cent cotton import tariff until September 30 this year, aiming to ease US concerns over agricultural tariffs. The move is expected to reduce raw cotton costs, strengthen India's textile sector, lower garment production costs, and support export growth.
At present, ICE December 2025 cotton traded at 67.53 cents per pound (down 0.03 cent), cash cotton at 65.00 cents (down 0.17 cent), the October 2025 contract at 66.35 cents (up 0.10 cent), the March 2026 contract at 69.14 cents (down 0.05 cent), the May 2026 contract at 70.43 cents (down 0.05 cent), and the July 2026 contract at 71.23 cents (up 0.02 cent). Some contracts remained unchanged, with no trades recorded today.
Fibre2Fashion News Desk (KUL)
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