Fashion
ICE cotton falls as strong dollar, US data halt weigh on sentiment
ICE December cotton futures settled at 64.47 cents per pound, down 0.44 cents or 0.70 per cent.
ICE cotton futures extended losses as a stronger US dollar dampened overseas demand, and the ongoing US government shutdown halted key USDA data releases.
December futures settled at 64.47 cents per pound, down 0.70 per cent.
Meanwhile, China’s NDRC announced 2026 cotton import quotas of 894,000 tons, balancing domestic supply through flexible allocation between state and non-state trade.
The US Dollar Index climbed to a two-month high, making dollar-denominated cotton futures relatively more expensive for buyers using other currencies. The strong dollar continues to act as a dominant factor suppressing cotton’s upward momentum.
Trading volumes remained moderate as investors monitored currency movements and the impact of the government shutdown. Data from ICE showed that as of October 8, deliverable stocks under ICE’s No. 2 cotton futures contract stood at 16,471 bales, down from 17,891 bales the previous day—reflecting a modest drawdown in certified inventories.
Market analysts noted that cotton has been moving almost exactly opposite to the dollar over the past few weeks, a trend expected to continue. As long as the dollar remains strong, cotton prices are unlikely to rise significantly.
In addition to currency effects, traders are evaluating the impact of the US government shutdown, which has halted the release of key agricultural data from the US Department of Agriculture (USDA).
According to the USDA’s official website, due to the shutdown, the department will suspend publication of its monthly World Agricultural Supply and Demand Estimates (WASDE) report until further notice. The WASDE report is a vital source of market insight into global cotton demand, production, and ending stocks.
The USDA’s weekly Crop Progress and Export Sales reports have also been temporarily suspended, limiting access to up-to-date market information for traders and analysts.
Meanwhile, on the global front, China’s National Development and Reform Commission (NDRC) has released detailed regulations governing cotton import tariff quotas for 2026. The total quota has been set at 894,000 tons, with 33 per cent allocated to state-owned trade and the remaining 67 per cent available for non-state trade.
According to the NDRC notice published by the Securities Times, the allocation rules allow enterprises to determine trade methods independently, without restrictions on import mechanisms or timing. This policy aims to enhance flexibility in cotton import management while maintaining balance in domestic market supply.
In summary, the ICE cotton market on October 9 remained under pressure from a strengthening US dollar and the absence of key USDA data amid the government shutdown, leading to a downward close for December futures.
Currently, ICE cotton for December 2025 is trading at 64.38 cents per pound (down 0.09 cent), cash cotton at 61.97 cents (down 0.44 cent), the March 2026 contract at 66.25 cents (down 0.09 cent), the May 2026 contract at 67.62 cents (down 0.04 cent), the July 2026 contract at 68.75 cents (down 0.08 cent) and the October 2026 contract at 68.39 cents (down 0.30 cent). A few contracts remained at their previous closing levels, with no trading recorded today.
Fibre2Fashion News Desk (KUL)
The recommendation follows a survey analysed by researchers from the University of Nottingham and the University of Leicester in collaboration with trade justice charity Transform Trade, which found systemic late payments, last-minute order changes without compensation and post-contract price reductions. Manufacturers reported that such practices shift financial risk from brands and retailers onto suppliers and ultimately workers.
Among respondents, 31 per cent reported order cancellations, while 78 per cent said brands failed to cover costs of last-minute changes to confirmed orders. A further 75 per cent stated prices were not adjusted to reflect minimum wage increases. Additionally, 67 per cent experienced order volumes being reduced without corresponding revisions to unit costs, and 44 per cent faced repeated payment extension requests. Ten per cent reported payments delayed by more than three months beyond agreed terms.
Researchers are urging the UK government to establish a Garment Trading Adjudicator after a survey by the University of Nottingham, University of Leicester and Transform Trade found widespread unfair purchasing practices in UK garment manufacturing.
The study highlights systemic late payments, cancellations and cost pressures affecting manufacturers and workers.
Manufacturers said these pressures had direct workforce consequences, including increased overtime to meet sudden order spikes for 73 per cent of workers, reduced hours following cancellations for 58 per cent, and job terminations for 29 per cent.
The survey also revealed limited confidence in formal dispute mechanisms. Only 22 per cent viewed the legal system as a viable route for redress, and none considered government or multistakeholder initiatives effective. Respondents cited financial and legal barriers, stating that pursuing action against brands was often unaffordable.
Dr Sabina Lawreniuk of the University of Nottingham’s School of Geography said, “Our research shows that current brand purchasing practices directly impact workers, resulting in precarious and insecure work across UK factories. Voluntary codes have proven insufficient. If we are serious about protecting workers and supporting a sustainable UK fashion industry, we need a Garment Trading Adjudicator to enforce fair practices across the sector.”
She added that the findings emphasise the need to rebalance relationships between brands and fashion manufacturers in the UK to support domestic manufacturing, sustainable business models, investment strategies, and to strengthen work and employment in the sector.
Professor Nikolaus Hammer of the University of Leicester also highlighted the importance of rebalancing these relationships to ensure sustainable UK production.
The researchers and Transform Trade said a sector regulator, like the Groceries Code Adjudicator, could help curb unfair purchasing practices and create greater accountability across fashion supply chains.
Fibre2Fashion News Desk (CG)
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