US Cotton Futures Are Weaker Than &Nbsp, And Pakistan Cotton Losses Are Lower Than Expected.
Last week, when the US Department of Agriculture issued a positive supply and demand report, the market once rushed to the highest point in two and a half years and overbought. After that, cotton continued to adjust.
The International Cotton Advisory Committee says Pakistan floods cause cotton Production is likely to continue to decline by 15%. However, this news led to a weakening of ICE cotton futures, because earlier speculation led to a 30% reduction in cotton production in Pakistan, according to Kis Brown of Brown, a company in Georgia. Pakistan appealed to the United States and Europe to reduce import tariffs on Pakistan products due to major floods.
India is 2010-11 years old due to its high price. cotton Output is expected to grow by 7%, according to local industry sources in India. A group of government experts may decide on the scale of India's cotton exports in the early September, in order to maintain enough supply of cotton for domestic textile enterprises. 2010-11
The raging flood led to a 15% cut in cotton production in Pakistan, although the reduction was large, but it was lower than some market observers had expected.
About 1500 people died and 20 million others were affected by floods, and nearly 1/5 of the country was flooded. Some analysts believe that the loss of cotton will be even more serious.
Earlier, market participants speculated that the loss would be as high as 30%. The International Cotton Advisory Committee says that if Pakistan does not grow half of the transgenic cotton that is resistant to destructive bollworm, the loss of cotton will be even greater. The weather is hot and humid, and is very suitable for breeding insects, such as Helicoverpa armigera. However, the first generation of transgenic cotton in Pakistan proved to be very effective.
The situation in Pakistan, coupled with the US Department of agriculture's recent sharp reduction in global end inventory and the increase in US export forecasts, has recently hit ICE cotton prices to the highest level in 2 and a half years. China is the world's largest cotton importing country, and China's demand is increasing, which will also provide positive benefits for the cotton market. Due to the expansion of the cotton area in the United States and the early growth of cotton, the Ministry of agriculture expects that this year's output will be increased by 52% over last year.
The US Department of Agriculture reported in August that the world's output was 116 million 850 thousand packs, higher than the 116 million 200 thousand package reported in July, because cotton prices were higher and demand was strong, and farmers increased their planting area.
Last week, the US Department of agriculture cut 700 thousand packages of Pakistan due to floods. Cotton yield To 9 million 500 thousand packages, market participants and analysts say the US Department of agriculture will definitely continue to lower Pakistan's output.
Today's ICE cotton turnover is 10388 hands, the call option is 2597 hands, and the put option is 2935 hands. The most active December cotton lost 0.59 cents, or 0.70%, and the settlement price was 83.27 cents / pound.
ICE closing price ups and downs
October 87.42 -0.31 87.00-87.90
December 83.27 -0.59 82.88-84.15
03 months 82.12 -0.60 81.77-82.70
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