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Cotton futures traded around 80 cents per pound, the highest since May 2024, mainly supported by strong speculative buying and tightening supply perceptions. The US harvest remains under threat from a severe drought in Texas, the main producing state, potentially the worst in a decade or two, with only 11% of cotton planted so far. Meanwhile, Brazil is expanding its role in global trade, posting record cotton exports for March and breaking the typical end-of-year shipment pattern. The market has also been influenced by geopolitical tensions, which have pushed up oil prices and, in turn, supported cotton by making synthetic fibers more expensive. At the same time, ongoing disruptions to maritime routes have increased shipping delays and raised freight and insurance costs.
