Cotton Futures Rise on Widening Supply Gap Outlook and Higher Oil Prices

Deep News06-01 20:40

New York cotton futures advanced for the third consecutive session, buoyed by expectations of a deepening global cotton deficit and a rebound in oil prices.

The most active contract rose as much as 2.5% to 81.61 cents per pound, reaching its highest level since May 20. This year, cotton futures have trended higher, supported by rising oil prices which enhance cotton's competitiveness against petroleum-based synthetic fibers, coupled with market anticipation of tighter supplies.

Market analysis firm Cotlook last week raised its forecast for the global cotton deficit in the 2026-27 season to 657,000 tonnes. This marks the third time the agency has increased its projection, citing stronger demand from Bangladesh, India, and Vietnam. This revision has strengthened the bullish outlook.

On pricing: New York cotton futures were up 1.3% at 80.65 cents per pound. New York cocoa futures rose 4%.

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