The last two weeks of sales have exceeded triple-digits amounts!

The last two weeks of sales have exceeded triple-digits amounts!

    Author: Vigotex /

Hi our beloved customers:

We would like to update cotton news by Vigotex:

  • ICE 2023 Mar: Closed 86.22 c/lb, +1.22 cents;
  • ICE 2023 July: Closed 87.46 c/lb, +1.27 cents;
  • ICE 2023 Dec: Closed 85.47 c/lb, +1.11 cents;
  • Estimated volume: 42,327 contracts.

After being pummeled Monday, Tuesday's cotton trade essentially recovered much of Monday's loss. The driving force was a weaker U.S. dollar and faith that China's reopening will be an economic success. In fact, top Chinese officials have predicted that the economy will return to pre-pandemic levels this year.

The U.S. dollar was lower Tuesday as the Employment Cost Index, the broadest measure of labor costs, rose 1.0% last quarter after increasing 1.2% in the July-September period. Thus U.S. labor costs increased less than expected in the fourth quarter, and before the Federal Reserve is expected to hike rates by 25 basis points on Wednesday.

Cotton traders are also anticipating Thursday's export sales. The last two weeks of sales have exceeded triple-digits amounts, with China as a dominant buyer. As China awakens from COVID, it is obviously hoped additional sales of U.S. cotton will occur.

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