ICE No. 2 cotton settles mixed

Nearby months finished between 23 points higher to 24 points lower. December ’24 futures opened at 70.18 cents/lb (+1) and immediately gained ground over the next couple of hours, reaching a high of 70.99 cents/lb (+82) by 0240 GMT. The spot month met some resistance but traded in the top half of its range until just after 0800 GMT, when the nearby month met additional resistance, dropping to a low of 69.71cents/lb (-46) by 1615 GMT. December cotton moved off its low but traded near in the bottom half of its range over the rest of the session to settle at 69.93 cents/lb (-24).

ICE estimated volume at 47,800 contracts, lower than Friday’s 78,953. At the time cotton settled, the US dollar was trading lower, as well as wheat while corn and soybeans were trending higher.

Total open interest rose by 7,194 contracts to 274,037, remaining at its highest level since April 4 (274,874). December ’24 interest decreased by 525 contracts to 119,442 while March ’25, May ’25, July ’25 and December ’25 interest increased by 3,998, 1,343, 1,653 and 720 contracts, respectively, to 78,513, 26,458, 24,718 and 23,856.

Certificated stocks were last reported at 174 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 November 1.

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