– Reporting Period 23 Oct – 05 Nov 2024 –
The ICE Cotton No. 2 futures have lost that much ground during the past two weeks, that December, the next delivery month, fell below the 70-ct/lb-mark. Even though prices were low, demand remained weak in general and mostly focused only on prompt delivery. Some industry experts assume that no major increase in demand is to be expected in the near future.
On the other hand, the U.S. dollar has been gaining strength compared to other currencies, also the Euro. This has discouraged the spinning industries refraining them from ordering cotton, from the U.S. at least.
In Europe, the demand behaviour has been similar to past months and was shaped by a constant mode of behaviour:
- Weak business expectations
- Overall buying resistance
- Short-term purchases of smaller amounts in case of need