ICE cotton encountered mixed trends during yesterday’s US trading session. Despite a modest increase in the front-month May contract, the market retained its bearish stance. Struggling to secure support, US cotton futures, including the July and December contracts, faced selling pressure.
The ICE cotton cash price dipped, while various contract months experienced fluctuation, with some registering gains and others showing declines.
As per a market analyst, ICE cotton saw significant trading volume, nearly 75,000 lots, despite a decrease in open interest. The dollar index showed a slight increase, applying pressure on the cotton market, albeit with minimal gains.
Additionally, crude oil prices continued their decline, approaching $85 per barrel, further impacting cotton futures negatively.
However, in Texas, the primary cotton-producing area, recent strong winds have prevailed in many areas, limiting significant moisture improvement due to the area’s typically limited rainfall. These current weather conditions hold critical importance for the upcoming US cotton crop.
According to ICE data, certificated stocks witnessed another increase as of April 8, with deliverable cotton contracts rising from 112,054 bales to 125,722 bales.
Attention is now focused on the upcoming WASDE report and US export sales, scheduled for this Thursday, to glean further insights into demand and market conditions.
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