Cotton extends gains on higher oil prices, improved demand

Reuters

2025/01/08

Cotton extends gains on higher oil prices, improved demand

Jan 7 (Reuters) - ICE cotton futures extended gains from the previous session on Tuesday, supported by higher crude oil prices and improved demand.

* Cotton contracts for March CTc1 rose 0.3 cent, or 0.44%, to 68.98 cents per lb at 10:56 a.m. ET (1556 GMT).

* "Crude oil is pushing up. The demand for cotton is a little better now... I don't think the market is going to gain prices rapidly, but I do think it will gain slowly," said Rogers Varner, president of Varner Brokerage.

* Oil prices reversed early declines on Tuesday, supported by fears of tighter Russian and Iranian supply in the face of escalating Western sanctions. O/R

* Higher oil prices make cotton-substitute polyester more expensive.

* "It seems like some of this move could be related with buying back of short futures from the speculative traders," said Bailey Thomen, cotton risk management consultant at StoneX Group.

* Elsewhere in the grain market, Chicago corn and soybeans fell as forecasts of rain relief for Argentina crops encouraged traders to book profits after dollar-fueled gains in the previous session, traders said. GRA/

(Reporting by Anmol Choubey in Bengaluru; Editing by Devika Syamnath)

((anmol.choubey@thomsonreuters.com;))

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The demand for cotton is a little better now... I don't think the market is going to gain prices rapidly, but I do think it will gain slowly,\" said Rogers Varner, president of Varner Brokerage.</p><p>* Oil prices reversed early declines on Tuesday, supported by fears of tighter Russian and Iranian supply in the face of escalating Western sanctions. <span>O/R</span></p><p>* Higher oil prices make cotton-substitute polyester more expensive.</p><p>* \"It seems like some of this move could be related with buying back of short futures from the speculative traders,\"  said Bailey Thomen, cotton risk management consultant at StoneX Group.</p><p>* Elsewhere in the grain market, Chicago corn and soybeans fell as forecasts of rain relief for Argentina crops encouraged traders to book profits after dollar-fueled gains in the previous session, traders said. <span>GRA/</span></p><p> (Reporting by Anmol Choubey in Bengaluru; Editing by Devika Syamnath)</p><p> ((anmol.choubey@thomsonreuters.com;))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SNEX","symbol_name":"StoneX Group Inc.","start_time":0,"source_url":"https://api.refinitiv.com/data/news/v1/stories/urn:newsml:reuters.com:20250107:nL4N3O31AO:1","article_id":"2501778906","we_media_id":"1032215980","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2501778906","pubTimestamp":1736265948,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1032215980","head_image":"https://community-static.tradeup.com/news/4567337cbdf294b657b1fa87c5488b48"},"summary":"Cotton extends gains on higher oil prices, improved demandJan 7  - ICE cotton futures extended gains from the previous session on Tuesday, supported by higher crude oil prices and improved demand.* Cotton contracts for March CTc1 rose 0.3 cent, or 0.44%,  to 68.98 cents per lb at 10:56 a.m. ET .* \"Crude oil is pushing up. 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O/R* Higher oil prices make cotton-substitute polyester more expensive.* \"It seems like some of this move could be related with buying back of short futures from the speculative traders,\"  said Bailey Thomen, cotton risk management consultant at StoneX Group.* Elsewhere in the grain market, Chicago corn and soybeans fell as foreca","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"SNEX":"StoneX Group Inc.","BK4127":"投资银行业与经纪业"},"translate_title":"棉花因油价上涨和需求改善而延续涨势","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SNEX":0.9},"content_text":"Cotton extends gains on higher oil prices, improved demandJan 7 (Reuters) - ICE cotton futures extended gains from the previous session on Tuesday, supported by higher crude oil prices and improved demand.* Cotton contracts for March CTc1 rose 0.3 cent, or 0.44%,  to 68.98 cents per lb at 10:56 a.m. ET (1556 GMT).* \"Crude oil is pushing up. The demand for cotton is a little better now... I don't think the market is going to gain prices rapidly, but I do think it will gain slowly,\" said Rogers Varner, president of Varner Brokerage.* Oil prices reversed early declines on Tuesday, supported by fears of tighter Russian and Iranian supply in the face of escalating Western sanctions. O/R* Higher oil prices make cotton-substitute polyester more expensive.* \"It seems like some of this move could be related with buying back of short futures from the speculative traders,\"  said Bailey Thomen, cotton risk management consultant at StoneX Group.* Elsewhere in the grain market, Chicago corn and soybeans fell as forecasts of rain relief for Argentina crops encouraged traders to book profits after dollar-fueled gains in the previous session, traders said. 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