October 8, 2012 ICE Cotton Review: Expect The Monthly Report To Go Higher And Higher.

Monday (10.08) ICE Intercontinental Exchange in New York

The futures opened higher and the main contract opened at 71.99 cents in December, the highest 72.04 cents in the market, the lowest 71.21 cents, ending at 71.78 cents, up 0.29 cents from the previous trading day, 8572 hands in volume, 117543 hands in the open position; 13 years in March, the contract opened slightly higher in 72.60 cents, the highest 72.69 cents in the market, the lowest 72 cents, and finally closed at the cent of the previous day.

In May, 13 contracts closed at 73.57 cents, up 0.34 cents from the previous session.

Market participants expect the US Department of agriculture to release the October supply and demand report on Thursday morning, and cotton futures shrink slightly on the 8 day.

Gary Rains, of INTL FCStone, said: "compared with previous forecasts, the US cotton fundamentals may be moderately relaxed in the October report, suggesting that the cotton prices in the near future will be moderately weak.

Moreover, China has recently decided to suspend imports of cotton for the rest of 2012, which will effectively curb cotton demand, and China is the biggest buyer of US cotton.

ICE Intercontinental Exchange closed 0.4% cotton in December, closing at 71.78 cents.

Don Shurley of Georgia University says cotton futures lack direction. On the one hand, the US dollar strongly exerts pressure on the market. On the other hand, interest in buying is around 70 cents / pound.

Cotton picking is in progress. With the picking rate, prices may continue to be weak. However, the market generally expects that prices will remain between 70-75 cents, and may fall below 70 cents.

The US stock market fell on Monday.

The world bank has lowered its economic growth forecast in the Asia Pacific region.

The eurozone finance ministers held a meeting to discuss the eurozone debt crisis.

On Monday, the finance ministers of the eurozone held a meeting in Luxemburg to discuss the reconstruction efforts of Spain and the establishment of closer banking cooperation.

German Chancellor Merkel will visit Greece tomorrow to visit the country for the first time since the outbreak of the euro zone debt crisis.

The world bank lowered its forecast for economic growth in the Asia Pacific region on Monday, and warned that the slowdown in China's economy may deteriorate.

According to the bank, China's economic growth in the Asia Pacific region is likely to drop to a eleven year low in 2012, despite the slowdown in China's economic growth. However, policymakers in emerging Asian economies still have room to provide more incentives.

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On October 05, NY certified 9550 stocks and 270 packages to be certified.

October 08, the United States spot market, Pima cotton, grade 2 (fiber 46) 118.50 cents / pound, 3 grade (fiber 44) 100.50 cents, 3 grade (fiber) 105.50 cents, turnover 0 pack, annual turnover 2743 bag.

The US Department of Agriculture announced the 05 global adjustment price (AWP) of 60.35 cents on -10 11 October.

In October 8th, the Cotlook cotton outlook index was weak, and the A index fell 50 points to 80.80 cents / pounds.

On 08 October, China's cotton price index CC Index 328 national average weighted average price closed at 18675 yuan / ton, up 2 yuan.

CC Index 27 closed at 16373 yuan / ton, up 1 yuan, and CC Index 229 closed at 19598 yuan / ton, up 0 yuan.

On the 08 th of October, China imported FC Index M (84.99 cent), up 0.39 cents.

On the 08 th of October, cotton in Zhengzhou was higher and lower, with repeated shocks, which ended with a slight reluctance. Among them, Zheng cotton rose 119 points to 19402, and the total turnover was reduced to 65 thousand, and the total position was slightly reduced to 331 thousand.

The main 1301 increased 145 points to 19440, the paction reduced to 48 thousand hands, the position reduced to 207 thousand hands.

On 08 October, the Zhengzhou PTA1301 contract opened at 7714 yuan / ton, closing at 7602 yuan / ton, down 120 yuan / ton compared with the previous trading day, or 1.55%.

Turnover dropped to about 699 thousand and 700 hands, and positions increased by 42336 to 448 thousand.

On 08 October, the Dow Jones Industrial Average fell 26.50 points, closing at 13583.65 points, or 0.19%, while the Nasdaq composite index dropped 23.84 points to 3112.35 points, or 0.76%, while the standard & Poor's 500 index fell 5.05 points, or at 1455.88 points, a decrease of 0.35%.

08 October, New York business

Crude oil futures for November delivery fell 0.6% to $89.33 a barrel.

Gold futures for December delivery fell 0.3% to $1775.70 an ounce.