International Cotton: Pakistan's cotton market is down, Indian cotton prices are lower
On the 21st, ICE cotton futures suffered a general decline in European and US economic concerns and the US dollar and European stock markets fell. The main contract closed at the lowest point in 11 months; Cotlook's spot price continued to drop, trading continued to be light.
1. The ICE cotton futures were dragged down by worries about debt problems in Europe and the United States. As the US dollar was higher, European and American stock markets and external commodity markets fell across the board, and ICE cotton futures also fell sharply lower. The recent November contract settlement price was 90.81 cents/lb, down 400. Point, the main 1203 contract settlement price of 90.41 cents / lb, down 286 points.
The market opened higher and lower, the main 1203 month contract reached 93.44 cents/lb on the day; the market's worries about the US and European economies led to the influx of selling, and the cotton futures pressured lower; the external goods market fell sharply later in the afternoon and dragged down the cotton fall. Deepening, the final contract ended at the lowest point since December 22, 2010.
Analysts pointed out that due to the market’s fear of high borrowing costs in Italy and Spain or the risk of a credit crunch in the euro zone, the US Congressional Special Committee’s failure to reach a budget deficit reduction agreement before the deadline also put pressure on the market, futures and other broad trades. Commodities move lower in sync.
Second, the spot review November 21 CotlookA index 102.40 cents / lb, down 235 points. The Imported Cotton Price Index (FCIndex) fell by 168 points to 113.47 cents/lb for the SM segment; M-grade fell by 170 points to 109.06 cents/lb for the M-grade segment; and the SLM segment lost 108 points to 108.23 cents/lb.
Affected by the lower ICE cotton during the previous trading day, the spot price continued to fall on the 21st. Some traders revealed that China’s inquiries increased, but other major import markets were light. The yarn market demand has not improved and there are still problems with contract performance.
According to the statistics of the United States Department of Agriculture (USDA), the overall picking rate of US cotton was 84% ​​as of November 20, which was an increase of 5 percentage points from the previous week; it was unchanged from the same period of last year; the average value in the past five years was 74%.
Due to the sharp fall in ICE cotton and the increase in domestic cottonseed purchases, the cotton market in Pakistan continued to slump.
The price of cotton in India was lower. The pick-up price of Shankar-6 gins yesterday was about 37,500 rupees/candy, which was 93.40 cents/lb, a decrease of more than 3 cents from last Friday.
According to the latest export statistics report, Egypt's export registration for the week of November 19 was 1669 tons for Giza 86, 152.00 cents/lb for FOB, and 981 tons for Giza 88, 163.00 cents/lb for FOB. As of the deadline, Egypt had shipped a total of 18,115 tons of fresh flowers this year, including 12,208 tons of Giza 86 and 5,907 tons of Giza 88, and another 217 tons of "export-oriented" cotton.
The main cotton region of Argentina had generally welcomed favourable rainfall last weekend. The issue regarding the area of ​​cotton planting this year has not yet been determined. The forecast data of the Ministry of Agriculture of Argentina has increased from the previous year (600,000 hectares). Private organizations think that the area of ​​cotton planting is 50 or 550,000 hectares.
4. According to the speculative position report released by the Intercontinental Exchange, the net long speculative ratio of ICE cotton futures on November 18 was 4.6%, down 1.3 percentage points from the previous week. As of the week, the net long position for speculative positions was 6,370, a decrease of 2,144 from the previous week. The cumulative number of open positions was 138,160, a decrease of 7,144.
1. The ICE cotton futures were dragged down by worries about debt problems in Europe and the United States. As the US dollar was higher, European and American stock markets and external commodity markets fell across the board, and ICE cotton futures also fell sharply lower. The recent November contract settlement price was 90.81 cents/lb, down 400. Point, the main 1203 contract settlement price of 90.41 cents / lb, down 286 points.
The market opened higher and lower, the main 1203 month contract reached 93.44 cents/lb on the day; the market's worries about the US and European economies led to the influx of selling, and the cotton futures pressured lower; the external goods market fell sharply later in the afternoon and dragged down the cotton fall. Deepening, the final contract ended at the lowest point since December 22, 2010.
Analysts pointed out that due to the market’s fear of high borrowing costs in Italy and Spain or the risk of a credit crunch in the euro zone, the US Congressional Special Committee’s failure to reach a budget deficit reduction agreement before the deadline also put pressure on the market, futures and other broad trades. Commodities move lower in sync.
Second, the spot review November 21 CotlookA index 102.40 cents / lb, down 235 points. The Imported Cotton Price Index (FCIndex) fell by 168 points to 113.47 cents/lb for the SM segment; M-grade fell by 170 points to 109.06 cents/lb for the M-grade segment; and the SLM segment lost 108 points to 108.23 cents/lb.
Affected by the lower ICE cotton during the previous trading day, the spot price continued to fall on the 21st. Some traders revealed that China’s inquiries increased, but other major import markets were light. The yarn market demand has not improved and there are still problems with contract performance.
According to the statistics of the United States Department of Agriculture (USDA), the overall picking rate of US cotton was 84% ​​as of November 20, which was an increase of 5 percentage points from the previous week; it was unchanged from the same period of last year; the average value in the past five years was 74%.
Due to the sharp fall in ICE cotton and the increase in domestic cottonseed purchases, the cotton market in Pakistan continued to slump.
The price of cotton in India was lower. The pick-up price of Shankar-6 gins yesterday was about 37,500 rupees/candy, which was 93.40 cents/lb, a decrease of more than 3 cents from last Friday.
According to the latest export statistics report, Egypt's export registration for the week of November 19 was 1669 tons for Giza 86, 152.00 cents/lb for FOB, and 981 tons for Giza 88, 163.00 cents/lb for FOB. As of the deadline, Egypt had shipped a total of 18,115 tons of fresh flowers this year, including 12,208 tons of Giza 86 and 5,907 tons of Giza 88, and another 217 tons of "export-oriented" cotton.
The main cotton region of Argentina had generally welcomed favourable rainfall last weekend. The issue regarding the area of ​​cotton planting this year has not yet been determined. The forecast data of the Ministry of Agriculture of Argentina has increased from the previous year (600,000 hectares). Private organizations think that the area of ​​cotton planting is 50 or 550,000 hectares.
4. According to the speculative position report released by the Intercontinental Exchange, the net long speculative ratio of ICE cotton futures on November 18 was 4.6%, down 1.3 percentage points from the previous week. As of the week, the net long position for speculative positions was 6,370, a decrease of 2,144 from the previous week. The cumulative number of open positions was 138,160, a decrease of 7,144.
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