Domestic Spring Festival holiday abroad New Zealand cotton price drop

At the onset of the annual Spring Festival, the flower gauze market was closed. During this period, the ICE cotton futures weakened and the price continued to fall. The ICE cotton price still runs above the 80 cents/lb integer price point, but it is a weak trend of weakness. Except Tuesday, Wednesday (12th, 13th), the price of cotton in ICE futures declined slightly. In the other three days, it was a slight upward trend. However, the cumulative price of ICE futures cotton 1303 contract for the week was still slightly lower. February 22 was the first delivery notice date for the recent ICE cotton 1303 contract. The market turned active and the trading volume remained high.

On Monday (November 11), the US National Cotton Federation (NCC) expects US cotton to decline in the next fiscal year (according to the US Cotton Planting Intentions Report released by NCC on the 9th, US cotton planting area in 2013/14 is expected to be 9.015 million acres. Compared with the 26.8% decrease in the current year, the ICE cotton futures continued to rise slightly.

After the second day (12th and 13th), despite the support of the NCC report, the market rose in the first two trading days, but returned to the fundamentals, the global cotton inventory remained high and continued to suppress the formation of cotton futures. In addition, due to the recent active trading of ICE cotton 1303 contract, the market volume is large, the index ** selling pressure, coupled with the market is expected to be released on the 14th US cotton export weekly will be bad, the market trading center of gravity down to the recent ICE cotton fell slightly for the second consecutive day.

Although the contract pressure in recent months is relatively large, the long-term ICE futures cotton 1312 contract will be supported by the decline in the US cotton area, and the latter trend will be stronger than the previous month contract.

On the second day of the weekend (14th and 15th), the export of ICE cotton was boosted by US cotton exports. According to the US Department of Agriculture (USDA) report, during the week of February 1-7, the US contracted to export 42116 tons of land cotton this year compared to the previous year. It increased by 98% a week; it shipped 81,170 tons, a decrease of 19%; and net contracted exports of 38,896 tons of upland cotton in 2013/14. China signed a net contract for exporting 12950 tons of land cotton this season, which was higher than the 227 tons in the previous week; 33,475 tons were shipped; and 862 tons of Pima cotton was imported this year. ] With the push of bullish factors, it stopped falling and rebounded slightly.

Intercontinental Exchange (ICE) cotton futures are still weak trend of consolidation. The recent ICE contract for cotton 1303 decreased slightly by 1.35 cents per pound, a decrease of 1.63%, and the price for the weekend was 81.32 cents per pound. The price of the ICE cotton 1303 contract persisted at an integer price of 80 cents/pound. The international cotton price index CotlookA (FE) increased slightly by 0.25 cents/lb, or 0.28%, and the weekend's price was 89.30 cents/lb.