Cotton Futures Lower By 1%, Follow The Trend Of Commodity Market Decline

According to New York May 23rd, Intercontinental Exchange (ICE) Cotton futures On Monday, it fell 1%, depressed by the fall in commodity markets, and weak demand since last week.

The strength of the US dollar has also brought pressure on cotton. Despite the severe drought in Texas, the total cotton production in Texas accounted for 1/3 of the total US supply.

Dealers said, Stage cotton The market is likely to slide further in the next few days. Although it is likely to rise in the middle of 6, there will be a clearer assessment of the damage to cotton crops in the United States by floods and droughts this month.

Index ICE the cotton contract in July fell 1.72 cents, or 1.1%, at $1.5389 per pound, and the intraday trading range was 1.5747-1.5321 dollars.

The new cotton contract in December was flat, at $1.1976 per pound, with a trading range of 1.1850-1.2178 dollars.

Other industrial products, including crude oil and copper, fell more sharply, down by 3% respectively. Investors were more confident of the European debt crisis and more signs of a slowdown in China.

The US Department of agriculture (USDA) announced in the weekly crop growth report that, as of May 22nd, the United States Cotton planting The rate was 57%, 42% in the previous week, 59% in the same period last year, and 61% in five years.

According to preliminary data, Monday's turnover is 70% lower than the 30 day conventional turnover.