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August 22Nd ICE: The Economy Is Likely To Fall Into Recession &Nbsp; Cotton Market Is Small And Mixed.

2011/8/23 14:03:00 44

Monday (8.22) New York ICE Intercontinental Exchange cotton futures closed slightly mixed, October contract closed at 106.61 cents, down 0.15 cents; the main contract in December opened at 105 cents, the highest 107.82 cents in the session, the highest 104.16 cents, finally closed at 106.45 cents, up 0.23 U.S. cents, turnover 7564 hands, not open positions 93505 hand; 12 March contract closed at an average of 0.23 cents.

Data show that the total turnover exceeds 8800 hands, compared with the 30 day trading average reduction of more than 1/3.

According to us data from ICE futures, as of August 19, the cotton market had no open positions of 144351 hands, and 140442 hands in August 11th, the latter being the lowest level in two weeks.

In August 19th, the total turnover was 10326 hands, higher than the 7113 hand of 16 days, the latter was the lowest paction level since May 23rd.

Market participants say investors are still worried that the US economy may fall back into recession.

Analysts warn that the market is likely to continue to fluctuate drastically as investors worry about uncertainties about the European debt problem and the US and global growth prospects.

Many market participants maintain a wait-and-see attitude, so market trading is still in the doldrums.

Some analysts said that the recent upward trend in cotton futures appears to have ended, and the turbulent economic outlook may further weaken the cotton futures.

According to the US Department of agriculture, as of August 11th, international buyers ordered 337000 bales of cotton (480 pounds per pack).

An American cotton trader says cotton is very poor, indicating a decrease in supply and demand.

Export sales are rather low.

There is little demand for cotton this year.

If a store does not buy clothes, the factory will not buy cotton.

The Southwest Agricultural report shows that the drought in Dezhou caused a loss of 1 billion 800 million US dollars in cotton industry.

Dezhou is the largest cotton producing state in the United States.

According to the latest report of the US Department of agriculture, the growth of cotton in the United States as of August 21st is as follows:

August 22nd cotton spot market SLM 1-1/16 "cotton (chroma 41, leaf chip 4, fiber 34) average price 104.29 cents / pound, the highest annual price 110.05 cents in August 2, 2011; the lowest price in August 11, 2011 96.42 cents; 1 3/32" cotton (color 31, leaf cuttings 3, fiber 35) average price 107.81 cents / pound.