Weak Cotton Demand Worries Cotton Prices Under Pressure

ICE cotton futures fell on Thursday. The most active December contract fell 0.31 cents, closing at 62.40 cents, with poor economic outlook and weak demand in China. Cotton prices continued to bear pressure. The US Department of agriculture's export sales report released on Thursday showed that in the week ending September 10th, the United States exported a total of 96600 packages of cotton exports in December, an increase of 16% over the previous week, up 46% from the previous four weeks, and the main export destination was Vietnam.

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The largest in the world

China is not actively buying the consumer countries, and the market is still worried about the decline in demand in China and the poor prospects of the cotton market. And the growth of other emerging economies in China and other countries is weak, which may reduce demand for commodities including cotton.

ICE cotton futures fell slightly higher after the fall, uplink resistance larger, the price center of gravity moved down, will continue to adjust the low and then slightly downward trend, December contract below the short-term support in the vicinity of 61 cents.

New cotton seed cotton is picking up gradually.

The price is worse than cotton farmers' expectations, and the mentality of selling is rather strong. Considering that the current market is weak and the demand is not good, the enthusiasm of cotton enterprises is not high.

The market has no obvious advantages, and many have no optimistic outlook on the future. Zheng cotton futures recorded a five day decline in the shade, and the market continued to be weak. It still maintained the short board. After that, the trend was still down, and the short-term support below the 1601 month contract was near 12300.

Zheng cotton futures contract continued to decline in 1601 months, down 35 yuan, closed at 12440 yuan, clinch a turnover of 46060 hands, holding about 307 thousand hands.

On the spot, China's cotton price yesterday pointed out that the cotton price was 13058 3128B, the cotton price rose 1 points, the spot price was stable in the near future, the new cotton has not been listed yet, the high-quality lint resources available in the market are less, the existing high-quality lint is favored by the textile enterprises, the sales progress is fast, the textile enterprises also expect the market to be clear, and the new cotton will be listed as soon as possible, so as to obtain more high-quality resources.