Cotton futures climbed above 77 cents per pound, nearing a two-week high, supported by a technical rebound, persistently high oil prices, and India’s suspension of its 11% import duty on cotton. The temporary suspension, in place until October 30, is intended to increase the availability of high‑quality fiber for the textile sector and is expected to spur domestic buying amid robust global demand for yarns and textile products.
India is likely to source cotton from major surplus exporters such as Australia, Brazil, the United States, and several African producers. Prices also drew strength from firm US export activity: USDA data showed weekly export sales of 153,622 running bales, a 17% increase from the prior week and above the four‑week average.
On the supply side, the latest Crop Progress report indicated that 66% of the US cotton crop had been planted, up from 53% a week earlier and slightly ahead of 64% at the same point last year, suggesting that overall crop development remains broadly on schedule.
