– Reporting Period 11 September – 24 September 2024 –
Prices of ICE Cotton No. 2 futures continued their recent fluctuating sideways trend until they gained momentum and rose. In the last few days of the current reporting period, futures reached a three-month high, with December 2024 prices approaching 75 ct/lb and March 2025 prices even exceeding this level.
The factors influencing this development included the latest USDA reports, which were perceived as bullish. There were also bets on the weather. A hurricane is forming in the Caribbean, which could pass over some harvest regions and possibly leave its mark.
In addition, China’s government introduced measures to support its economy, a stimulus for Chinese demand for cotton.
In Europe, however, demand remained subdued despite a weakening dollar against the euro.