This week, the ICE cotton market was in the middle of the consolidation movement, with two losses and three gains, with cumulative gains continuing to rise. On Tuesday (October 1st), the U.S. government ceased operation and raised investor concerns (traders are concerned that due to the federal government's indefinite outage, some key agricultural data will not be released.), and storm weather may lead to the largest cotton planting in the United States. Under the influence of bad cotton in state Texas and delayed listing, ICE cotton ended its “Five Lianyang†decline.
On Friday (October 4th), due to the uncertainty of the U.S. government's partial suspension of prices, prices of ICE cotton futures edged up by 4 points in addition to the recent 1310 contracts, and the rest of the contracts have generally closed lower, ranging from 5-44 points.
On Monday, Wednesday, and Thursday, the ICE cotton futures were all slightly higher. On Monday, due to the brewing of the Pacific Storm in the United States, it was possible to pick up the cotton harvest in Texas, the main cotton producing region of the United States, and led to the delay in the local new flower picking and listing. The speculative funds were brought into the market; on Wednesday and Thursday, the US dollar weakened and external goods. Driven by the higher market, it rebounded for two consecutive days.
On October 2, due to the suspension of the United States federal government, the US cotton export weekly scheduled to be released in the evening was suspended. Just entered the month of October, ICE futures cotton operates without key government data and services, including USDA's US cotton export sales report, which is the first data delayed by the US government's suspension of operations. If the U.S. government ceases to operate for a long period of time, the inspection of cotton quality will be interrupted, and the postponement of release of key statistical reports will likely postpone the export of U.S. cotton.
This week, under the situation of the U.S. federal government's outage, stormy weather in the US cotton region, China's new cotton storage policy and heavy rainfall in India's cotton region have supported the ICE cotton futures market.
This week's Intercontinental Exchange (ICE) cotton futures are the upward trend of small gains. In recent months, the ICE cotton contract for the 1312 contract rose slightly by 0.55 cents/lb, or 0.63%, and the weekend price was 87.18 cents/lb, which is still running at an integer price of 90 cents/lb. The international cotton price index CotlookA (FE) rose 1.70 cents/lb, or 1.86%, and the weekend price was 93.15 cents/lb. China's imported cotton index FCIndexM was closed due to the National Day holiday and was not generated.
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