login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

ICE Cotton Futures Rise as U.S. Export Demand Strengthens, Dollar Weakens

25 Jan 2025 10:49 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 25 Jan (Commoditiescontrol): Cotton futures on the Intercontinental Exchange (ICE) climbed to a two-week high on Friday, buoyed by a weaker dollar and a strong U.S. federal export sales report that highlighted improved demand for cotton. The benchmark March cotton contract gained 0.14 cents, settling at 67.61 cents per pound. May and July contracts also rose, closing at 68.67 cents and 69.77 cents per pound, respectively. The March contract reached its highest point since January 10, finishing slightly up for the week.

The U.S. Department of Agriculture’s (USDA) weekly export sales report showed upland cotton net sales at a marketing year high of 348,900 running bales (RB), a 10% increase from the previous week and 62% above the four-week average. However, export shipments dipped slightly by 1% to 222,600 RB, though still 32% higher than the prior four-week average.

Geopolitical concerns lingered as U.S. President Donald Trump indicated the possibility of imposing 10% tariffs on Chinese goods starting February 1. Meanwhile, in the United Kingdom, questions arose about the use of Xinjiang-sourced cotton in products sold by fast-fashion retailer Shein, as British lawmakers demanded clarity.

Global cotton production rose by 2 million bales to 119.45 million, driven by higher output in China. This increase pushed global ending stocks to 77.91 million bales, raising concerns about potential oversupply. U.S. export forecasts were reduced by 300,000 bales to 11 million due to strong competition from Brazil, Australia, and India.

Market activity saw ICE-certified cotton stocks remain steady at 218 bales, while the USDA’s Adjusted World Price (AWP) fell by 27 points to 53.71 cents per pound. Analysts project cotton prices to trade between 65 and 69 cents per pound in the short term, with key support levels at 67.23 and 66.86 cents and resistance at 68.21 and 68.82 cents.

Looking ahead, traders will monitor U.S. trade policies, geopolitical developments, and the dollar's performance for further market direction.

(By Commoditiescontrol Bureau: 09820130172)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Post Comment  

Latest Market Commentary
Domestic Pepper Prices Continue to Fall; Vietnam Prices...
Clove Prices Remain Stable Amid Steady Domestic and Imp...
Small Cardamom Prices Continue to Rise; Arrivals Surpas...
New Cumin Arrival Increase Slightly at Unjha-Gondal Man...
Turmeric Spot Prices Mixed; NCDEX Futures See Decline
more
Top 5 News
Mumbai Pulse Market: Tur, Urad & Chana Prices Show Uptr...
Cotton Prices Rise in North India Due to Increased Spin...
Solapur Pulse Market Holds Steady
MCX Cotton Stock Position Location Wise - 07 Feb 2025
Oil Gains on Sanctions but Logs Weekly Decline Amid Tra...
Top 5 Special Reports
CFTC Data: Speculators Cut Soybean Meal Shorts as Deman...
CFTC Report: Diverging Bets in Soybean Oil Futures as ...
EDIBLE OILS PORT STOCK AS ON : 03 Feb 2025
USDA Weekly Export Sales: Upland Cotton Sales Decline, ...
USDA Weekly Export Sales: Soybean Meal Hits Marketing-Y...
Copyright © CC Commodity Info Services LLP. All rights reserved.