ICE cotton futures extend rally as Jul 26 nears 3-cent limit gain
AI Market Summary
ICE cotton futures extended gains with several contracts near limit-up, supported by tighter supply signals and improved demand indicators. US crop conditions fell to 46% good/excellent and the Brugler500 index declined, reinforcing weather-related production risk. May exports reached a three-year high, while certified ICE stocks were unchanged. A concurrent oil spike from Strait of Hormuz tensions adds cost-push inflation pressure across commodities.
Impact level
● Medium
Affected assets
NCCOCOTTON2USD/USDT+1.95%
AI Insight · NCCOCOTTON2USD/USDTAI Insight
▲ Bullish
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ICE cotton futures extended gains, with Jul 26 nearing the 3-cent daily limit and several contracts rising as much as 299 points. Crude oil jumped $3.65 after Iran struck vessels in the Strait of Hormuz overnight, prompting the US to revoke waivers authorizing Iran oil exports. US cotton condition ratings slipped to 46% good/excellent, while May exports totaled 1.46 million bales and ICE certified stocks held at 185,034 bales.
