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2026-09-15 21:54:08
[Cotton Hits One-Month Low as Weak Spinning Demand and Harvest Pressure] ⑴ Intercontinental Exchange (ICE) cotton futures fell on Tuesday, hitting a one-month low, pressured by weak spinning demand and harvest pressure. ⑵ The most actively traded December contract fell about 0.7% to around 83.9 cents per pound. ⑶ The contract fell as low as 83.68 cents per pound during the session, its lowest since August 14. ⑷ Brokers said that as the market entered the 80-cent range, spinning mills withdrew their buying, and the market is looking for demand. ⑸ Spinning mill purchases are a key source of cotton demand, and weakened buying interest will cause the market to seek price levels that can attract buyers back, thus putting downward pressure on prices. ⑹ The broker also said that this is currently the time when various crops typically begin to look for harvest lows, and the harvest itself can put pressure on prices. ⑺ Harvest pressure will drag down cotton prices as new supplies enter the market, increasing availability. (8) Meanwhile, corn and soybeans weakened as investors assessed U.S. harvest progress and an unexpected improvement in corn crop ratings. (9) The U.S. dollar strengthened slightly, making U.S. supplies more expensive for overseas buyers, thus pressuring cotton prices. (10) Oil prices remained near a four-month high above $105 a barrel amid renewed attacks by Yemen's Houthi rebels on Saudi Arabia and postponements of Gulf talks with Iran. (11) Rising oil prices increase the manufacturing costs of polyester, a cotton substitute.
