The Market Is Waiting For The Signal To Restore Cotton Consumption.

2020/4/25 0:17:00 0

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ICE cotton futures continued to rally in the day before yesterday, and the news about Australia's low output of cotton has brought some benefits to the market, triggering some short-term shorts to make up, and the price once hit a month high.

The US cotton export sales data released later showed that last week's net positive signing of the US cotton net also boosted market sentiment, after which the market generally agreed that the contract volume would continue to maintain negative growth.

The US unemployment data released on that day showed that the number of Americans claiming unemployment benefits increased by 4 million 200 thousand last week, so far the total number of unemployed Americans has reached 26 million, and the unemployment rate exceeds that of the great depression in the 30s.

In April 23rd, ICE futures fell sharply due to the failure of the US clinical trials of antiviral drugs, which made the market again worried about the fact that the epidemic would not end soon.

A dealer in the United States said that if the virus could not be eliminated, the world economy would remain in a state of blockade. The longer the state stays, the greater the drop in consumption.

At present, there is no demand for cotton, the textile industry is regressing and retail stores are not sold. If people do not work and are in a state of confinement, they will not buy many cotton garments, and the demand for reconstructing cotton will be a long process.

At present, the market is still waiting for the cotton consumption recovery signal, before the relevant rumors and procurement become reality, the price is difficult to rise significantly.