Vigotex - Cotton News 08/09/2022

• ICE 2022 Dec/ 12月/ Tháng 12: Closed/收于/Chốt phiên 103.84c/lb, +2.22cents/ 美分/ điểm;
• ICE 2023 Mar: Closed 100.75c/lb, +2.20 cents;
• ICE 2023 Mar: Closed 95.47 c/lb, +1.81 cents;
• Estimated volume: 22,131 contracts.

The cotton market was sharply higher Thursday as supply concerns remain a major underlying situation for traders. Besides the big losses in the U.S. crop, Pakistan indicates it will need to import about a million bales to make up for the reduction caused by it recent floods event. Additionally, India's crop is falling due to heavy rains and pest infestation.

            Thursday, the ECB raised its interest rates for the Eurozone by three-quarters of one point. The tightening move comes a couple of weeks before the Federal Reserve is expected to hike the U.S. rate as much. In a speech at the Cato Institute, Fed Chair Powell vowed to fight inflation "until the job is

done." His comments sent the U.S. dollar higher.

            This Monday, USDA will issue its supply-demand update for September. Despite its surprisingly huge deduction posted in the August crop report, some traders and analysts are expecting an increase in the size of the crop. Those increases range for 500,000 to 1.2 million bales.