International cotton prices: positive factors gradually increase the future trend is clear?
Release time:
2018-07-12
Last week, cotton prices in the international market fell to a low level, with cotton prices in the United States, China and India all falling, while cotton prices in Pakistan experienced a brief surge. At present, the Sino-US trade war is depressing the RMB exchange rate, and the trade situation of Sino-US cotton and textiles in the next few weeks or even months is still unclear.
According to statistics, the price of ICE futures December contract has fallen 0.76 cents to 87.08 cents per pound in the past week, a drop of 0.87. In the past four weeks, ICE futures December contract prices have risen 1.78 cents to 85.3 cents/pound.
Last week, the Chinese market cotton import demand is relatively weak, textile enterprises wait-and-see mood is strong, domestic cotton in stock and futures prices are slightly down. The exchange rate of the Indian rupee against the renminbi rose sharply, Indian cotton prices were significantly higher than those quoted by other countries, China's demand for yarn imports decreased, and Indian cotton prices began to fall. Pakistan's new cotton market has been delayed, the shortage of domestic cotton supply is serious, and cotton prices have soared further.
A person in the international cotton market believes that taking into account the decline in global cotton production and the increase in consumption next year, global cotton stocks will continue to decline. At the same time, considering that the outbreak of the Sino-US trade war will cause China's demand for US cotton to begin to shift, the devaluation of China's renminbi will inevitably lead to an increase in the price of cotton imports denominated in renminbi. Recently, the Indian government is trying to raise import tariffs on cotton like Pakistan, and the supporting factors for international cotton prices next year are gradually increasing. Can international cotton prices remain high and whether the trend of cotton prices is clear? Wait for the market to give the correct answer......
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