Fashion
ICE cotton dips further on harvest pressure, US shutdown impact
ICE December cotton futures settled at 65.09 cents per pound, down 0.5 cent (0.8 per cent). The March contract closed at 67.04 cents, down 0.42 cent, while other contracts ended 23–50 points lower.
ICE cotton futures extended losses as rapid US harvesting and the ongoing government shutdown weighed on sentiment.
December 2025 cotton settled at 65.09 cents per pound, while trading volume slumped to 42,492 contracts.
Analysts warned prices could test 62 cents, pressured by strong harvest progress and a firmer dollar.
Meanwhile, grains gained on US–China trade optimism.
Trading volume fell sharply to 42,492 contracts from 60,821 cleared the previous day. Global market activity was limited, as China’s ZCE cotton futures remain closed until October 9 for the Mid-Autumn holidays.
The US government shutdown entered its second day but caused no major immediate market reaction, although the USDA’s weekly export sales report and the CFTC cotton on-call report were not released. A USDA spokesman confirmed that all reports and data releases are suspended during the shutdown.
Market analysts noted that cotton prices remain pressured by harvest progress and a stronger US dollar. Prices could continue trending lower and may test the 62-cent level.
The USDA’s latest crop progress report, released earlier in the week before the shutdown, showed the US cotton harvest at 16 per cent complete as of September 28, matching the five-year average.
In grains, soybeans, corn, and wheat closed higher for the second consecutive session, with soybeans rallying on optimism around US–China trade talks. President Trump emphasised soybeans as a key agenda item in his upcoming meeting with Chinese President Xi.
The US stock market extended its rally, with the Dow, S&P, and NASDAQ closing higher for the fifth consecutive session, all finishing at record highs. The S&P and NASDAQ also touched fresh intraday peaks. Overall, while equity and grain markets reflected optimism, cotton futures extended their decline for the second straight day, highlighting continued bearish pressure from harvest progress and macroeconomic uncertainties.
Currently, ICE cotton for December 2025 is trading at 65.04 cents per pound (down 0.05 cent), cash cotton at 63.09 cents (down 0.50 cent), the October 2025 contract at 62.65 cents (down 0.50 cent), the March 2026 contract at 66.98 cents (down 0.06 cent), the May 2026 contract at 68.34 cents (down 0.02 cent) and the July 2026 contract at 69.49 cents (down 0.03 cent). A few contracts remained at their previous closing levels, with no trading recorded today.
Fibre2Fashion News Desk (KUL)
Total apparel shipments fell by 2.66 per cent year on year to $425.44 million in January 2026, compared with $437.07 million in the corresponding month of 2025. The performance underscored uneven global demand conditions that continue to influence sourcing patterns and order flows for Sri Lankan manufacturers.
Sri Lanka’s apparel exports declined 2.66 per cent YoY to $425.44 million in January 2026 amid weak global demand.
Shipments to the US and EU softened, while the UK remained stable with slight growth.
Other markets saw sharper contraction.
JAFF highlighted DCTS benefits and tariff changes while suggesting diversification and efficiency to sustain competitiveness.
Exports to the United States, the country’s largest market, decreased by 2.73 per cent to $165.11 million, while shipments to the European Union excluding the United Kingdom, declined by 1.93 per cent to $126.99 million. In contrast, exports to the UK remained broadly stable, rising marginally by 0.23 per cent to $61.71 million. Apparel shipments to other markets dropped more sharply by 6.07 per cent to $71.63 million.
JAAF noted that the UK’s steady performance offers a constructive signal for the sector, particularly as the revised Developing Countries Trading Scheme (DCTS), effective January 1, 2026, is expected to enhance sourcing flexibility and strengthen Sri Lanka’s competitive position in the British market.
The industry body also highlighted the introduction of a uniform 10 per cent temporary tariff in the US market as a relatively supportive development, reducing the impact of previously higher country-specific rates and providing greater short-term pricing predictability for exporters.
Commenting on the January outcome, JAAF said the moderate decline reflects ongoing volatility in global demand. The association emphasised that the industry remains committed to reinforcing resilience through market diversification, product innovation and operational efficiency, while collaborating with stakeholders to sustain Sri Lanka’s standing as a reliable apparel sourcing destination.
Fibre2Fashion News Desk (KUL)
Profitability remained robust despite a more challenging trading backdrop. Group EBIT stood at €913.4 million, broadly stable year on year (YoY), translating into a 29.2 per cent margin versus 29.5 per cent in FY24. Net profit reached €626.7 million compared with €639.6 million a year earlier, reflecting higher net financial expenses, while maintaining a 20 per cent margin.
Moncler has reported revenues of €3.13 billion (~$3.69 billion) in FY25, up 3 per cent at constant exchange rates, with net profit of €626.7 million (~$739.5 million).
Asia led regional growth, while DTC channels strengthened across brands.
Q4 revenues rose 7 per cent, driven by robust Moncler and Stone Island performance, as the group prepares for continued investment and leadership transition.
Regionally, the group recorded strong momentum in Asia, where revenues rose 7 per cent at constant exchange rates to €1.42 billion, supported by demand in China and Korea and a recovery in tourist flows. The Americas increased 5 per cent to €391.1 million, whereas Europe, Middle East and Africa (EMEA) declined 3 per cent amid subdued tourism-related traffic, Moncler said in a press release.
Channel performance highlighted the continued shift towards direct engagement. Moncler’s direct-to-consumer (DTC) revenues rose 4 per cent to €2.36 billion, accounting for nearly 87 per cent of brand sales, while wholesale declined 4 per cent as the group continued to enhance distribution quality. Stone Island’s DTC channel expanded 11 per cent to €226.4 million, whereas wholesale decreased 4 per cent.
The group’s financial position strengthened further, with net cash reaching €1.46 billion at year-end after dividend payments of €353.2 million. The board proposed a dividend of €1.4 per share and approved the consolidated sustainability statement.
Remo Ruffini, chairman and CEO of Moncler, said: “Moncler and its board of directors wish to express their most sincere thanks to Gabriele Galateri di Genola for his dedication and the highly valuable contribution he has made throughout his more than ten-year term of office. His significant experience, the vision developed over many years in senior leadership positions at leading industrial and financial organisations, as well as his constant commitment to good governance, have represented a key point of reference for our work. With gratitude, we extend our best wishes to Gabriele Galateri di Genola for the future.”
In the fourth quarter (Q4), the group delivered accelerated momentum, with revenues rising 7 per cent at constant exchange rates to €1.29 billion (~$1.52 billion). Moncler brand revenues reached €1.17 billion, up 6 per cent, while Stone Island posted €123.1 million, surging 16 per cent with double-digit growth across all regions.
Moncler’s DTC channel advanced 7 per cent despite a demanding comparable base in the quarter, supported by Asia and the Americas, while wholesale returned to growth, rising 2 per cent. Stone Island recorded broad-based acceleration, with DTC revenues increasing 16 per cent and wholesale climbing 17 per cent, partly reflecting delivery timing shifts from the previous quarter.
Looking ahead, the group emphasised continued investment in brand development and organisational strengthening, including the appointment of Leo Rongone as group chief executive officer from April 2026, as it seeks to sustain long-term growth and value creation.
Fibre2Fashion News Desk (SG)
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