Fashion
ICE cotton ticks higher on crude oil rally
The most actively traded May cotton contract rose 0.38 cent to settle at 64.14 cents per pound. All cotton contracts closed higher for the first time since January 27, posting gains ranging from 1 to 38 points.
ICE cotton futures closed marginally higher, supported by stronger soybean and crude oil prices, which reduced polyester’s cost competitiveness.
May contract settled at 64.14 cents per pound.
Trading volumes eased, while open interest declined for a ninth session.
USDA projections indicate a tighter 2026–27 global balance, with lower output, higher consumption and reduced ending stocks.
Crude oil climbed around 2 per cent to a six-month high amid tensions in the Middle East. Stronger crude prices could reduce polyester’s relative cost competitiveness, potentially offering marginal support to cotton demand.
Total trading volume was 66,490 contracts, the lightest since January 29. Cleared volume from the previous session stood at 79,290 contracts.
Global cotton markets are expected to tighten in the 2026–27 season, with production projected to decline while consumption rises, shifting the balance towards a deficit, according to projections presented at the USDA’s 102nd Agricultural Outlook Forum. World cotton production is forecast to fall by about 3 per cent to 116.0 million bales, while consumption is expected to increase to 120.1 million bales. As a result, global ending stocks are projected to decline to 71.2 million bales under the new outlook scenario.
For the US, the outlook indicates planted area of 9.4 million acres and production of 13.6 million bales. Exports are projected at 12.2 million bales, with ending stocks estimated at 4.2 million bales.
In futures market activity, liquidation in the March 2026 contract continued ahead of the first notice day, with trading volume reaching 15,340 contracts and exceeding the open interest of 14,053 contracts, signalling active position exits and rollovers. Certified cotton stocks increased for the 13th consecutive reporting period to 117,075 bales, up by 2,565 bales, with no bales currently awaiting review.
Overall open interest declined for the ninth straight session, falling by 10,187 contracts to 328,448, extending a cumulative nine-session drop of 57,970 contracts following a prolonged earlier build-up. In contrast, open interest in the May contract rose for the 20th consecutive session to 173,427 contracts, ahead of its first notice day scheduled for April 24.
Market participation is also expected to broaden as China’s Zhengzhou Commodity Exchange cotton futures resume trading on February 24 after the Lunar New Year holiday. Analysts indicated that cotton prices are currently trading sideways as investors roll positions and await end-March US planting intentions data, with much of the bearish news already reflected in prices.
Among related commodities, soybean prices extended gains for a third consecutive session, hovering near three-month highs.
This morning (Indian Standard Time), ICE cotton for May 2026 was trading at 64.32 cents per pound (up 0.18 cent), cash cotton at 62.14 cents (up 0.38 cent), the March 2026 contract at 62.12 cents (up 0.19 cent), the July 2026 contract at 65.92 cents (up 0.19 cent), the October 2026 contract at 67.53 cents (up 0.22 cent), and the December 2026 contract at 68.37 cents (up 0.10 cent). A few contracts remained at their previous closing levels, with no trades recorded so far today.
Fibre2Fashion News Desk (KUL)
The vote followed multiple rounds of negotiations.
The UN Security Council has rejected a draft resolution submitted by several Gulf states that would have strongly encouraged countries to coordinate defensive efforts and deter attempts to interfere with navigation through the Strait of Hormuz.
By a vote of 11 in favour to two against (China, Russia), with two abstentions, a draft resolution submitted by several Gulf states could not be adopted.
Abdullatif bin Rashid Alzayani, Minister for Foreign Affairs of Bahrain and Council President for April, presided over the meeting. “We [member states of the Gulf Cooperation Council] declare loudly and unequivocally before this Council, which is charged with the maintenance of international peace and security, that [Iran] has no right to close this waterway to international navigation,” he said.
He cautioned that if the Council permits the Strait of Hormuz to remain closed today, “such a scenario would inevitably be replicated in other straits and waterways, thereby transforming the world into a jungle where force, arrogance and hegemony prevail”.
However, by a vote of 11 in favour to two against (China, Russia), with two abstentions (Colombia, Pakistan), the draft resolution could not be adopted.
The Chinese representative said that the proposed draft “failed to capture the root causes and the full picture of the conflict in a comprehensive and balanced manner”. Noting that it contained one-sided condemnations, he stressed that “this war should never have happened” and called on the United States and Israel to cease what he described as illegal military actions.
He also called on Iran to stop its attacks and noted that his delegation is currently working alongside Moscow on an alternative resolution to address the situation, according to a UN press release.
Beijing and Moscow announced plans to introduce an alternative text soon. “Our draft will be concise, equitable and balanced,” said the Russian representative.
“The objective of this draft is obvious,” stated Iran’s representative, as it seeks to “punish the victim for defending its sovereignty and vital national interests in the Persian Gulf and the Strait of Hormuz while providing political and legal cover for further unlawful acts by the aggressors”.
Fibre2Fashion News Desk (DS)
ETI is a composite index for payroll employment. When it increases, employment is likely to grow as well, and vice versa.
The Conference Board employment trends index for the US declined to 105.72 in March, from an upwardly revised 105.84 in February.
Job seekers continue to face a challenging market, according to economist Mitchell Barnes.
The share of consumers who report ‘jobs are hard to get’ climbed to 21.5 per cent in March and reflects a 5-percentage point rise YoY.
“Job seekers continue to face a challenging market,” said Mitchell Barnes, economist at the US think tank, said in a release. “This is evident in the ETI as several components moderated in March. Overall, the US economy has remained surprisingly resilient, but rising geopolitical uncertainty may contribute to ongoing employer hesitancy to add more workers.”
The share of consumers who report ‘jobs are hard to get’—an ETI component from the Consumer Confidence Survey—climbed to 21.5 per cent in March and reflects a 5-percentage point (pp) rise year on year (YoY).
The share of small firms reporting that jobs are ‘not able to be filled right now’ declined by 1 pp in March to reach 32 per cent.
Fibre2Fashion News Desk (DS)
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