Vigotex - Cotton News 28/09/2022

Hi our beloved customers:

We would like to update cotton news by Vigotex:

• ICE 2022 Dec/ 12月/ Tháng 12: Closed/收于/Chốt phiên 88.09 c/lb, -0.28 cents/ 美分/ điểm;
• ICE 2023 Mar/ 3月/ Tháng 3: Closed/收于/Chốt phiên 85.39 c/lb -0.55 cents/ 美分/ điểm;
• ICE 2023 Mar/ 7月/ Tháng 7: Closed/收于/Chốt phiên 81.28 c/lb, -0.36 cents/ 美分/ điểm;

Estimated volume/ 估计数量/ Khối lượng giao dịch ước tính: 37,355 contracts/ 合约 / hợp đồng.

The cotton market was lower Tuesday, losing an earlier 3.00-cent gain. The decline happened despite the fact Hurricane Ian could still threaten the Southeast crop. However, a weak Dow Jones and a surging U.S. dollar collectively undermined many positive commodities markets. The fact cotton traded lower in the face of such potential adversity says something about poor demand. To that end, USDA will issue fresh export sales this Thursday.

The U.S. dollar regained the bullish edge Tuesday as a couple of economic numbers reported stronger-than-expected data. Durable goods (non-defense) were a positive 1.3% versus last month's .2%, while new home sales were 685,000 units versus an expectation of 500,000 units sold. The strength in these numbers suggest that the Federal Reserve is justifying in maintaining its higher interest rate policy. Thus, the U.S. dollar traded higher.

Crude oil was higher Tuesday, supported by supply curbs in the U.S. Gulf of Mexico ahead of Hurricane Ian and the potential that OPEC+ may take some action to halt the "spill" in prices at its Oct. 5 meeting. An OPEC+ spokesman indicated the cartel was monitoring prices and didn't want a sharp increase or a collapse.