ICE No. 2 cotton settles to the upside

Nearby months traded higher over most of the session, settling on gains ranging between 26 to 44 points. December ’24 futures opened at 73.00 cents/lb (-27) and immediately lost a few more points, dropping to a low of 72.97 cents/lb (-30). The spot month moved off its low and had a mixed tone until around 0650 GMT, when the most active contract moved to positive ground. The nearby month continued its upward trend, eventually moving to a high of 74.14 cents/lb (+87) around 1225 GMT. December cotton met some resistance, falling back to modest gains to end the session at 73.53 cents/lb (+26).

ICE estimated volume at 33,600 contracts, higher than Friday’s 25,709. At the time cotton settled, the US dollar was trading lower, as well as soybeans while corn and wheat were trending higher.

Total open interest rose by 2,034 contracts to 240,731, remaining at its highest level since April 9 (244,710). December ’24 interest decreased by 383 contracts to 126,569 while March ’25, May ’25 and July ’25 interest increased by 933, 647 and 519 contracts, respectively, to 51,977, 22,640 and 16,744.

Certificated stocks were last reported at 265 bales, unchanged and remaining at its lowest level since June 1, 2023 (63 bales). There were no bales awaiting review and no bales reported in both cert stocks and CCC loan as of October 4.

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