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Cotton futures have edged lower to around 67 cents per pound, retreating from the nine-month high of nearly 69 cents reached on March 17. Prices have come under pressure from a stronger US dollar, technical positioning, and indications of only modest demand. Buyer sentiment remains cautious, with importers largely in wait-and-see mode amid uncertainty over the market’s next direction.
Geopolitical risks—particularly tensions between the US and Iran—have further weighed on confidence, raising concerns about potential shipment disruptions as well as higher energy and transport costs. This more guarded tone is reflected in the latest USDA weekly export sales report, which showed US cotton export sales weakening in the week ended March 12, following a rebound the previous week. Shipments also declined from recent peaks, though they continued to run above average levels.
At the same time, ICE-certified stocks fell to 115,640 bales as of March 18, providing some support to prices by underscoring underlying supply tightness.
