Cotton futures on ICE held above $1 a pound in mid-October, the highest levels since July 2011, amid low production and constrained supply from top producers, ongoing supply chain issues, and rising demand from the textile industry as the economies reopen. India, a major cotton exporter, expects lower production this year due to the attack of pink bollworm pests, surplus rain in some parts, and an overall smaller planting area. Meanwhile, heatwaves are weighing on crops in the United States, the biggest exporter of the commodity.
Historically, Cotton reached an all time high of 1349 in September of 2020. Cotton - data, forecasts, historical chart - was last updated on October of 2021.
Cotton is expected to trade at 91.99 USd/Lbs by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 99.33 in 12 months time.