The ICE cotton futures ended lower on March 7 as analysts said news that India may allow some of the contracted cotton exports to blow up.
Comprehensive media reported on March 7, the Intercontinental Exchange (ICE) cotton futures closed lower on the 7th, analysts said news that India may allow some of the contracted cotton exports to combat the gains.
The ICE May futures contract fell 1.30 cents, or 1.4%, to 90.12 cents/lb, and the intraday trading range was 91.54 cents/pound 89.75 cents/lb. A year ago, cotton hit a record high after rising for seven months.
Since hitting a high of $2.27 per pound on March 7, 2011, cotton futures prices have fallen by more than half as demand has shrunk and plantings have increased worldwide.
According to initial data from Thomson Reuters, the trading volume on the 7th was about 21,000 lots, which is about 13% lower than the 30-day average.
Mike Stevens, an independent cotton analyst in Louisiana, said that the current market has not considered the situation in India, and the trend is affected by the supply-demand fundamentals which are bearish on cotton.
Indian government sources said that the country may release some of its cotton exports because as many as 2.5 million bales of cotton have already been identified for export.
Traders said that there is a lot of uncertainty about the issue. On the 8th, the Indian government minister will meet to discuss the issue.
Current cotton traders said they are concerned about the two reports released by the US Department of Agriculture (USDA) in the next two days.
The USDA will release weekly cotton export sales data on the 8th and publish a monthly supply and demand report on the 9th, the former being used to measure global cotton demand.
Comprehensive media reported on March 7, the Intercontinental Exchange (ICE) cotton futures closed lower on the 7th, analysts said news that India may allow some of the contracted cotton exports to combat the gains.
The ICE May futures contract fell 1.30 cents, or 1.4%, to 90.12 cents/lb, and the intraday trading range was 91.54 cents/pound 89.75 cents/lb. A year ago, cotton hit a record high after rising for seven months.
Since hitting a high of $2.27 per pound on March 7, 2011, cotton futures prices have fallen by more than half as demand has shrunk and plantings have increased worldwide.
According to initial data from Thomson Reuters, the trading volume on the 7th was about 21,000 lots, which is about 13% lower than the 30-day average.
Mike Stevens, an independent cotton analyst in Louisiana, said that the current market has not considered the situation in India, and the trend is affected by the supply-demand fundamentals which are bearish on cotton.
Indian government sources said that the country may release some of its cotton exports because as many as 2.5 million bales of cotton have already been identified for export.
Traders said that there is a lot of uncertainty about the issue. On the 8th, the Indian government minister will meet to discuss the issue.
Current cotton traders said they are concerned about the two reports released by the US Department of Agriculture (USDA) in the next two days.
The USDA will release weekly cotton export sales data on the 8th and publish a monthly supply and demand report on the 9th, the former being used to measure global cotton demand.
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