World Cotton Prices Continue To Decline

Cotton prices began to break away from the almost peripheral market of schizophrenia.

No matter what day, the stock market rose, the cotton market fell, the second day, the stock market fell, and the cotton market rose.

The /3 December price difference is even more chaotic.

The price gap between December and March contracted to a minimum, which stimulated Thursday's price surge.

The sudden change in the price gap between December and March caused many rumors, but there was no answer.

The CRB index fell to its lowest level in 5 years.

The CRB index plunged on Friday, the twenty-third sharp drop in nearly 29 trading days.

Crude oil closed at the lowest price in 17 months, though OPEC decided to reduce production by 1 million 500 thousand barrels per day.

On the other hand, the dollar index has increased by 19% over the past 24 trading days.

As China's cotton prices continue to fall, the trend of US cotton decline is still at an end.

So far, the China Development and Reform Commission has made little effort to stabilize cotton prices.

Last week, Cotlook downgraded its global cotton consumption to 115 million 500 thousand packs, down 2 million 500 thousand packets from last month's forecast, 6 million 800 thousand less than the US Department of agriculture's October forecast, and the basic outlook is heading in a negative direction.

Cotlook cut China's consumption by 900000 packets from last month's estimate, which is now about 5 million less than the USDA's estimate.

In addition, Friday rejected the buy signal issued last week.

The market will enter a consolidation stage.

At present, most of the bulls can expect prices to be set at between 4. 50 and 50. 50.

The new closing price will test 43 cents.

The 20-21 day moving average is rapidly declining. If the market price breaks through 52.50 cents, it will indicate that the market will try again.