On the cotton market, the May 2025 maturity, after hitting a low, has recovered well and should continue to rise. The short position held by speculators should either be rolled over to July 2025 or liquidated in the coming weeks, which will support the market. 

But there are other factors tipping the balance in the right direction: 

• - The poor Indian harvest should lead the authorities to lift or at least reduce import taxes to cover the needs of the local spinning industry. 
• - US cotton exports are continuing at a brisk pace. The USDA's targets should soon be met, limiting carryover stocks. 
• - Demand remains strong on all the main consumer markets, at fixed prices, for run-of-mill consumption.

In this turbulent environment, African cottons are still enjoying strong demand, which is reflected in the prices being charged. Reduced harvests that are already well under way allow very high selling prices. 

Without being euphoric, our market is holding up well and should limit the damage this season, without however returning to record levels.