ICE Cotton Continues Downward Under Economic Pressure.
Before the USDA released the forecast of supply and demand this month, ICE cotton continued downward under economic pressure, while the forward spot price declined, and buyers' enquiries increased.
I. ICE
Stage cotton
Review
On the 6 day, the ICE cotton market opened slightly lower, and the shock rose. The US dollar and the commodity futures market were depressed by the strong dollar at the close of the closing market. The cotton futures were dragged down by the periphery and dropped sharply under speculative selling. The main contract in December closed at 74.32 cents / pound, down 121 points.
According to market analysis, at present, the United States is facing the economic "no job recovery". Recently, whether a new round of economic stimulus plan should be implemented should be renewed in the academic and political circles of the United States.
In view of the economy
recovery
The foundation is unstable. Obama has identified "growth" as the keynote of the US economy. However, under recent international and domestic economic situation, the United States is facing the dilemma of continuing to stimulate the economy and reduce the deficit.
The US dollar trend and its impact on the commodity market also need to be observed.
Two, spot review
On the 6 day, the CotlookA index was not generated; the new flower A index 84.35.
Cent
Pounds.
FCIndexS is quoted at 93.32 cents / pound, with a discount of 1% tariffs. The port delivery price is 16191 yuan / ton, sliding tax discount 16677 yuan / ton, FCIndexM 91.43 cents / pound, 15867 yuan / ton respectively and 16356 yuan / ton respectively; FCIndexL newspaper 88.35 cents / pound, respectively, 15339 yuan / ton and 15833 yuan / ton respectively.
Textile factories in Southeast Asian countries and India in recent days have been actively importing foreign cotton, including newly shipped cotton and new flowers for next year.
Three. Dynamics of countries
According to statistics from the US Department of agriculture (USDA), the overall bud emergence rate of new cotton flowers in the United States was 64% on 4 July, up 16 percentage points from the previous week, 56% in the same period last year, and 55% in the last five years.
The overall fruit setting rate was 15%, an increase of 7 percentage points from the previous week, 13% over the same period last year, and an average of 15% in the past five years.
The overall seedling situation is relatively stable, with the excellent rate of 13%, good 52%, general 26%, poor 7%, very poor 2%, due to timely and favorable rainfall in the main cotton producing area, the possibility of India's cotton production increase is enhanced.
Pakistan's domestic cotton prices continue to rise. The new cotton gin plant in Punjab has raised the price of goods to 102.30-103.75 cents / pound, and the sales situation is stable.
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