This view | ICE quadruple Yin Indian cotton out of the independent market

2022-05-05 0 By

Since February, ICE cotton futures continued to shake back, the main contract from the 11-year high of 129.37 cents/pound back, February 14 intraday low once fell below 120 cents, triggering funds, speculators, cotton related enterprises temporary panic, selling sentiment heating up.The us dollar price of cargo/bonded cotton such as American cotton, Brazilian cotton, Australian cotton and West African cotton decreased significantly with ICE.In contrast to ICE, American cotton/Brazilian cotton and other prices hitting the peak, s-6 /J34 and OTHER spot and MCX futures in India continue to rise, and the price difference between Indian cotton and its main competitors, Brazilian cotton and American cotton, continues to narrow, and the enthusiasm of yarn mills and traders to inquire and sign 20202/22 and 2020/23 American cotton is expected to rise.According to the quoted price of cotton enterprises, the base difference of the current port bonded Indian cotton M 1-5/32 is 13-14 cents/lb (quoted price:ICE2205+ basis), and 2/3/4 month shipping period American cotton 31-3/31-4 36/37 basis difference 19-20.25 cents/lb, the price gap between the two contracted to 5-7 cents/lb, Indian cotton “not beautiful, cheap” features increasingly prominent.