Dare Not Act Rashly To Block The European And American Cotton Market

2020/9/12 14:10:00 0

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On September 10, ice cotton futures rose strongly in the intraday, and bulls continued to buy. The industry expected USDA supply and demand forecast to reduce US cotton output, increase US cotton export volume and reduce US cotton final inventory. At the same time, with the continued implementation of the Sino US agreement and the support of China's additional quota issuance, the market expects that China will continue to purchase large quantities of American cotton, which is the main reason why bulls are reluctant to give up their positions easily.

In recent days, the news that the United States will ban the import of cotton and all textiles and clothing produced in Xinjiang, China, has intensified. Even the European Union has begun to point fingers at China and begin to restrict textiles produced in some regions. It is said that trump is also considering adopting a similar ban. The vicious relationship between China and the United States also makes bulls dare not act rashly.

In terms of weather, the whole cotton producing area in the United States has more rain, and there may be heavy rain in central Texas, Delta and Southeast in the next five days. At present, the new flowers of American cotton are speeding up boll opening, and the heavy rainfall at this time obviously poses a threat to the yield and quality of new cotton.

According to market news, after the price of ice futures fell a few days ago, the spot market transactions were obviously active, which also stimulated traders to speculate in the past two days. With the recovery of textile production in Asia, cotton demand will gradually return to normal. Analysts predict that China, Vietnam and Turkey will make a new round of procurement, and the reduction of cotton production in Pakistan will also stimulate textile mills to expand the import of foreign cotton.