The US dollar strengthens and profit-taking triggers ICE cotton futures to retreat from a one-week high

汇通财经2026/06/03 13:54

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⑴ ICE cotton futures fell on Wednesday, as a stronger U.S. dollar and profit-taking emerged after the market hit a one-week high in the previous session. The July cotton contract fell by 0.7% to 77.49 cents per pound, after reaching its highest level since May 26 in the previous session. The U.S. dollar index rose by 0.3%, making dollar-denominated cotton more expensive for overseas buyers. ⑵ The Vice President of Price Futures Group stated that the decline mainly resulted from profit-taking after the previous session’s rise. According to the U.S. Department of Agriculture's weekly crop progress report, U.S. cotton planting rate stands at 66%, up from 53% last week and near the five-year average of 67%. Scattered showers occurred in the past week, with overall conditions slightly improved, and the supply fundamentals look fairly solid. ⑶ Data shows that for the week ending May 26, ICE cotton speculators reduced their net long positions by 1,143 contracts to 68,171 contracts. Last Saturday, the Indian government announced the elimination of cotton import duties for five months, aiming to increase supplies of uncontaminated natural fiber for textile exporters to meet strong overseas demand for yarn. Industry officials said cotton may be sourced from surplus regions such as Australia, Brazil, the United States, and Africa.

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October 8 – Levi Strauss (LEVI.N) shares fell about 4% in early trading to $18.79. Boosted by tariff rebates and strong expected demand for high-end jeans and sweaters during the holiday season, the company raised its annual earnings outlook on Wednesday. The median price target among the 16 brokers covering the stock is $26.50, according to data compiled by LSEG. Business diversification is starting to show results. Barclays noted that Levi's expansion beyond jeans is paying off, with tops, women's wear, and emerging lifestyle categories contributing about half of the company’s growth, while it remains the leader in the U.S. jeans market. JPMorgan (rating: "Overweight", price target: $33) believes the slowdown in the direct-to-consumer business is only temporary, mainly due to hot weather in Europe and a misjudgment of U.S. jeans trends, as the business has already started to rebound in this quarter. BTIG (rating: "Buy", price target: $27) said improved demand trends and strong performance in wholesale, international markets, and new categories support a more optimistic outlook for the holiday season and 2027. Needham ("Buy", price target: $28) noted that the temporary weakness in Levi's own stores and website seems to have started to reverse, while growth from tops, women's wear, and other non-jeans categories indicates the brand’s dependence on jeans is declining.

路透社•2026/10/08 14:14

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