– Reporting Period 27 September – 10 October 2023 –
The ICE Cotton No. 2 futures have more of returned to their mode of decline again. After a start on a high level close to the 90 ct/lb mark at the beginning of the reporting period, the futures recorded a downward movement once again. Characterized by a dampened demand and a constantly strong U.S. dollar, the futures were unable to sustain their high level. They remained, however, in a narrow range and did not drop below 85 ct/lb.
A likely smaller crop volume following the weather events of the past months is assumed to be the cause. It is anticipated that one third of the planted area in Greece has suffered from floods due to the storms Daniel and Elias. Macroeconomic influences, however, have had less effect on the cotton price development compared to other commodity markets.
Only little activity could be observed on the European market. The spinning industry has rather relied on short-term fulfilment of demand.