– Reporting Period 13 – 26 September 2023 –
The ICE futures Cotton No. 2 primarily showed a sideways movement in the past two weeks. The futures moved within a narrow range around the 85 ct/lb mark.
Due to the change from the old to the new crop, Chinas subdued economic activity and a further strengthening U.S. dollar, the cotton market was quiet. The demand remained on its low level, thus balancing with the equally weakening supply this season. The news on lower than recently expected quality of the crop in Texas pushed the futures up at the end of the reporting period.
Hoping for a soon relieving relationship between China and Australia, thus easing the import restrictions, the amount of Australian cotton stored in Chinese warehouses was increased.
Bremen, September 28, 2023