Cotton Review: New York ICE&Nbsp; Profit Taking &Nbsp; Overall Collapse

Wednesday (9.29) ICE Intercontinental Exchange in New York

October 2010 contract opening price of 103.40 cents, the intraday concussion interval 103.41- 103.40 cents, finally closed at 103.19 cents, down -4.95 cents, turnover 18 hands, the last day settlement price 108.14 cents, empty plate 31 hands.

The most active 10 years December contract opening price of 105.25 cents, intraday concussion interval 106.03 -101.24 cents, or 3.8%, the final closing price of 101.24 cents, or -4.00 cents.

2011 03 month contract opening price 104.20 cents, intraday shock interval 104.75-100.15 cents, the final closing price of 100.15 cents, down -4.00 cents, turnover 5279 hands, the last day settlement price 104.15 cents, empty volume 64070 hands.

India announced yesterday that it will not ban cotton exports this year, which will alleviate the urgent needs of the world and lighten the market.

Early Wednesday, cotton futures opened lower, and investors expect India cotton to replenish cotton supply.

India is the second largest cotton producing country in the world. Cotton harvest is better than expected this year. Therefore, India decided not to postpone the export time of cotton, and the world cotton supply situation will be improved.

Floods in Pakistan and China have washed away a lot of cotton, the supply of goods is tight, and cotton prices have reached a record high. India cotton can not make up for the loss of cotton in Pakistan and China. However, the cotton harvest in the United States is also very good. Therefore, the great worry of the cotton gap may be alleviated.

India textile minister Rita Menon said India will allow exports of cotton from November 1st.

Cotton suppliers can register export contracts from October 1st, with a maximum export volume of 5 million 500 thousand packets, weighing 170 kilos a packet.

Macquarie Group Limited forecast last week that global production will increase to 116 million 970 thousand packs, less than 119 million 160 thousand packages, and the package weight here is the US package, 480 pounds or 218 kilograms per pack.

The India textile factory requires that the export contract be prohibited before December 31st. They also require export of a ton of cotton to export exporters to export tax of 10000 rupees (US $221).

Meimong said the government would consider the issue of export tax at the meeting held in mid October.

China Cotton Association said that China's cotton shortfall was 3 million 600 thousand tons by the end of August.

India will revisit the 5 million 500 thousand package export quota at a meeting held in mid October.

India agriculture minister Sharad Pawar said India could export 750-800 million bales of cotton this year (beginning in October 1st).

The US stock market fell slightly on Wednesday.

Despite the rise in energy sector, the weakening of raw material and financial sector sensitive to economic conditions led to a decline in US stocks.

The Dow Jones Industrial Average fell 22.86 points to 10835.28, or 0.21%, while the Nasdaq composite index fell 3.03 points to 2376.56 points, or 0.13%, while the standard & Poor's 500 index fell 2.99 points to 1144.71 points, or 0.26%.

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New York gold futures closed up $2, or $1310.3 an ounce.

Crude oil futures rose 2.2% to $77.86 a barrel.

According to the data of the exchange, 16669 cotton bags were certified in September 27th, 17255 packages were certified in September 28th, and 1659 bags were required to be certified.

September 29th ICE United States cotton closing

Contract month