– Reporting Period 21 Oct – 03 Nov 2026 –
During the last reporting period, it still appeared as though ICE Cotton No. 2 futures prices were stabilizing at approximately 80 ct/lb. However, they steadily lost ground during this reporting period. While the December 2026 contract entered the reporting period at 81.83 ct/lb, it closed at 77.04 ct/lb, a loss of 479 futures points.
In contrast, the physical market saw a less severe decline. For example, the Cotlook A index fell by only 2.35 ct/lb, from 91.75 ct/lb on October 21 to 89.40 ct/lb on November 3. This suggests that offer prices for physical cotton have remained more stable than stock market quotations, which are influenced, among other factors, by speculation.
Also, the bullish forecasts anticipating consumption volumes exceeding production figures and a continued reduction of global stocks did nothing to change this. Both the forecasts in the Cotton Outlook and the USDA’s WASDE report project a consumption surplus of over one million tonnes.