ICE Futures Hit A New Low, Worth Warning
In July 13th, despite ICE
cotton
The futures contract in December touched a recent low of 73.3 cents, but the overall rise in US commodity and stock markets helped cotton prices get out of the trough and rise in the middle.
In addition, demand from the spot market is strong, and textile factories such as China, Turkey, Indonesia and South Korea are purchasing the cotton prices on the eve of the previous day.
Since the beginning of June, the seasonal rainfall in India has decreased by 12% compared with the normal values in previous years. However, the lack of rainfall is expected to be replenished with the arrival of precipitation before the end of July.
According to India
clothing
The Export Promotion Association (APEC) statistics show that the clothing export volume of India in the year of 2009/10 was 10 billion 640 million US dollars, a decrease of 2.64% compared with the same period last year. APEC believes that the main reasons for the decline in India's clothing exports are three points: first, the reduction in exports to the EU; second, the US market has not shown any growth; third, the competition between the low cost clothing producers in Bangladesh and Vietnam is fierce.
On the same day, the US dollar fell and promoted the rise of the commodity market.
cotton
Futures also benefit from this.
However, it is worth noting that the December contract reached a new low, indicating that the shock interval will be re established. I believe that the lowest price of cotton will go down further in the near future, and the top interval may be between 75.50-75.75 cents.
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