Source: Jinqiao Textile Net
1、 Futures
ICE cotton Futures fell to the lowest level in 18 months on Thursday, depressed by technical selling, and the US cotton export sales data released by the US Department of Agriculture (USDA) was weak.
ICE July cotton contract closed 0.89 cents or 1.2% lower at 75.62 cents/pound, the lowest 75.25 cents/pound since November 2022.
Bailey Thomen, a cotton risk management consultant of StoneX Group, said: "The market began to bear some selling pressure and fell to a new low. This seems to be mainly because of the technical selling pressure that occurred when the market was steadily declining. We believe that this is mainly due to speculation in the market, which is driving prices down steadily."
The export sales report released by the US Department of Agriculture (USDA) on Thursday showed that in the week ending April 25, the net export sales of US cotton in the current year increased by 97400 bales, 45% less than the previous week, and 20% less than the average of the previous four weeks. In the next year, the net export sales of American cotton increased by 34400 bales. 180000 bales of American cotton are shipped for export. 31% less than the previous week and 39% less than the average of the previous four weeks.
Thomen said: "The export sales data is a little worse than we expected. The net sales volume and shipment volume are significantly lower than those in the previous few weeks. At present, there is no real good demand."
NYMEX crude oil Futures closed near a seven week low on Thursday, suffering from weak global demand, increased inventories and weaker hopes for a rapid interest rate cut in the United States. Lower oil prices will make polyester, a cotton substitute, cheaper.
According to the data released by ICE, as of May 1, the inventory of ICE deliverable No. 2 futures contracts had increased to 186121 bales, compared with 183114 bales on the previous trading day.
Foreign exchange market: The dollar index fell. Stock market: The three major stock indexes of New York stock market rose. Oil market: Oil prices fell in New York.
2、 Spot
On the first day, the Cotbook A index dropped 300 points to 85.30 cents per pound.
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