ICE cotton rises on stronger US exports, weaker dollar
ICE cotton futures closed higher on Thursday, supported by a strong US export sales report. Robust export demand sent a positive signal to traders. A weaker US dollar and rising crude oil prices also lent support to US cotton. A weaker dollar makes cotton purchases more attractive for overseas buyers, while higher crude oil prices increase the production cost of polyester fibre, a substitute for cotton.
The ICE cotton July 2025 contract settled at 65.36 cents per pound (0.453 kg), up 0.37 cent, or 0.6 per cent, from the previous day. The contract has gained 30 points so far this week. The December 2025 contract closed at 67.98 cents, up 23 points, while other contracts rose between 1 and 37 points. However, the October contracts eased by 13 points.
ICE cotton futures rose on Thursday, driven by a strong US export sales report, a weaker dollar, and higher crude oil prices. The July 2025 contract settled at 65.36 cents per pound. Weekly US cotton exports rose 15 per cent to 316,100 bales, with total sales surpassing 12 million bales. A softening US labour market and hopes for improved US-China trade relations also supported sentiment.
Prices remained within their tight 16-session trading range, with the day's lows near the lower boundaries of this range.
The US dollar weakened against the euro after the European Central Bank signalled a possible end to its easing cycle, and US economic data pointed to a softening labour market amid ongoing tariff pressures. The weaker dollar supported cotton by making dollar-denominated commodities more affordable for buyers using other currencies.
Crude oil futures also closed higher, recovering previous losses as sentiment improved following a phone call between President Xi Jinping and President Trump. The leaders reaffirmed their commitment to implementing the Geneva Consensus and resuming trade talks.
Trading volume stood at 59,266 contracts, while 45,927 contracts were cleared the previous day.
The USDA's weekly export sales report showed that US cotton shipments reached 316,100 bales for the week ending May 29, up 15 per cent from the previous week and 1 per cent above the average of the prior four weeks.
According to market analysts, the export report was solid, with weekly shipments exceeding 300,000 bales. Total sales have now surpassed 12 million bales, with nearly 10 million bales already shipped.
Currently, ICE cotton for July 2025 is trading at 65.40 cents per pound (up 0.04 cent), cash cotton at 63.61 cents (up 0.37 cent), the October 2025 contract at 67.28 cents (down 0.13 cent), the December 2025 contract at 68 cents (up 0.02 cent), the March 2026 contract at 69.50 cents per pound (up 0.07 cent), and the May 2026 contract at 70.55 cents (up 0.10 cent). A few contracts remained at their previous closing levels, with no trading recorded today.
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