Crude oil support helps ICE cotton break 8-session losing streak
ICE cotton futures rose after an eight-session decline, supported by higher crude oil prices and gains in grain markets. Rising oil prices make polyester costlier, boosting cotton’s appeal. Traders await the USDA export sales report for demand cues. Meanwhile, US consumer confidence dropped to a four-year low, adding uncertainty to market sentiment.
ICE cotton futures rose after an eight-session decline, supported by higher crude oil prices and gains in grain markets.
Rising oil prices make polyester costlier, boosting cotton’s appeal. Traders await the USDA export sales report for demand cues.
Meanwhile, US consumer confidence dropped to a four-year low, adding uncertainty to market sentiment.
