. The global cotton market has experienced a notable downturn in benchmark prices over the past month, as reported by Cotton Incorporated. According to the latest Monthly Economic Letter - Cotton Market Fundamentals & Price Outlook for May 2024, key futures contracts and indices have seen significant drops, indicating a challenging landscape for cotton producers and traders.
The ICE cotton market has witnessed a slight uptick driven by technical buying, signaling a tentative recovery amidst ongoing uncertainty regarding demand dynamics. Traders remain vigilant, eagerly awaiting key reports and updates to gain clearer insights into both demand and supply factors shaping the market landscape.
ICE cotton prices experienced a noteworthy turnaround on Friday, marking a significant departure from the prolonged downward trend witnessed in recent times. The resurgence in prices was fueled by a short-covering rally, buoyed by a weaker US dollar and renewed buyer interest.