ICE cotton futures continue under pressure

ICE No. 2 cotton futures opened marginally higher and December ’26 quickly rose to its high of 86.51 cents per lb. However, selling soon capped gains and front months dropped. Nearby deliveries remained on negative ground and traded in a sideways manner for the next several hours. At around 0530 GMT, pressure increased, and December’ 26 hit a low of 84.70 cents before finding light support. Nonetheless, bearish sentiments persist, and front months continue to hover near the bottom of their price ranges.

Total open interest slipped to 380,251 contracts (-325), with decreases reported in October’26, December’ 26 and March ’27. First Notice Day for October ’26 is approaching, and consequently, interest declined to 141 contracts (-23). December ’26 interest fell to 185,808 contracts (-1,732), followed by March ’27 at 89,723 (-245). Meanwhile, increases were reported in May ’27 and July ’27 to 47,507 in the former (+1,103) and 25,171 in the latter (+45). Interest in December ’27 also rose to 30,118 (+162).

Front months were trading as follows at 1320 GMT:

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