Vigotex - Cotton News 22/09/2022

Vigotex - Cotton News 22/09/2022

Hi our beloved customers:

We would like to update cotton news by Vigotex:

  • ICE 2022 Dec/ 12/ Tháng 12: Closed/收于/Chốt phiên 96.92 c/lb, +3.59 cents/ 美分/ điểm;
  • ICE 2023 Mar/ 3/ Tháng 3: Closed/收于/Chốt phiên 94.06 c/lb, +3.61 cents/ 美分/ điểm;
  • ICE 2023 Mar/ 7/ Tháng 7: Closed/收于/Chốt phiên 89.09 c/lb, -3.07 cents/ 美分/ điểm;

Estimated volume/ 估计数量/ Khối lượng giao dịch ước tính: 39.104 contracts/ 合约 / hợp đồng.

The cotton market was locked limit-up at the time when the Federal Reserve released its policy statement, but then sold down on the news of a 0.75 percent hike. Although the three-quarter-percent jump was widely anticipated, the Fed indicated it would continue its hawkish stance throughout 2023.

            Cotton was strong Wednesday as the market had become quite oversold, plus the fact there may be a serious hurricane in the Gulf of Mexico next week. Through Tuesday night, December Cotton had plunged some 1100 points as longs liquidated, while other speculators sold short.

            USDA will issue its weekly export sales data on Thursday. Hopefully, we will see a complete catch-up of the missing data. The report is out at 8:30 a.m. EDT.

            Crude oil fell to a near two-week low Wednesday as the U.S. dollar soared with the Fed's rate decision. Traders were also fretting over the mobilization of the Russian military. In addition, the EIA inventory number indicated slowing domestic gasoline demand. Supplies were about 8.5 million barrels per day (bpd), its lowest since February. The agency did show a 1.1 million barrel increase in crude stocks last week, which was smaller than the 2.2 million barrel build expected. Nonetheless, it was a build.