June 30Th ICE Cotton Review: Market Profit &Nbsp, Fell To 3 Weeks Low.
Wednesday
The Cotton Corp said that from October 1st to June 26th, the number of cotton arrivals in India's domestic market increased by 1.6% to 29 million 70 thousand bales.
The Gujarat State in Western India is the largest producer of India, with an increase of 11% to 9 million 750 thousand bags, 170 kilos per pack.
India is the second largest cotton producer in the world, and the number of arrivals is decreasing as the crop season draws to a close.
The country's daily arrival volume is about 12000 packs, compared with about 200 thousand packages per day during the peak period in January.
India
cotton
The season ends in September 30th, and this year's output may be 29 million 200 thousand packs, up from 29 million packages of the previous year.
The next market year begins in October. When new cotton enters the market, the number of cotton arriving will increase.
On Wednesday (6.30), the outlook for cotton production in the US continued to improve, and speculative funds took profits. The cotton market failed to bear heavy pressure and fell to a three week low.
The recent cotton contract in July fell 1.08 cents, or 1.3%, to 82.60 cents per pound, the most active December contract fell 1.75 cents, or 2.2%, and 76.38 cents per pound.
Although the market fell sharply on Wednesday, cotton prices have risen 55% this year due to a rebound in world demand for cotton due to economic recovery.
In the year ending July 31st, global cotton production is expected to be 13% less than demand, and the next year will continue to be short of 4.5%.
However, the autumn harvest of American cotton output will increase, which will give cotton a long head to cool down.
Speculators, such as banks and hedge funds, sold late cotton profits at the end of June and the two quarter of this year, so the market continued yesterday's decline on Wednesday.
Speculative managers usually report on investment progress on these key days of the calendar.
After the expected report of the latest planting area, the negative outlook will stimulate more sales in the cotton market, and planting area is the basis of cotton production forecast.
Wednesday,
US Department of Agriculture
It is estimated that in 2010, the cotton planting area in the United States increased by 19% over the previous year to 10 million 900 thousand acres.
Domestic production is expected to be a bumper harvest. At the same time, by the week June 27th, 62% of cotton growth has been listed as good and excellent.
Cotton brokers and analysts say that commercial cotton traders, such as textile mills and cotton traders, are buying cotton at low prices.
Luis Rangel, chairman of futures commodity Spin-off Company of ICAP, Jersey City, New Jersey, said cotton prices could slide to 73 to 75 cents.
The exchange reported that on Tuesday, the ICE cotton day inventory was reduced by 30288 (500 pounds) to 396054 gross and 27802 packages.
The exchange reported that on Tuesday, the ICE cotton volume decreased by 319 parts to 163979 parts of the total volume.
The exchange reported a turnover of about 19912 hands in cotton futures.
Option trading, call option is about 1129 hands, put option is about 1916 hands.
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