On January 14, although U.S. cotton exports last week were quite strong, ICE cotton futures generally remained consolidated. According to the latest report, U.S. cotton contracting volume for this year was 326,000 bales last week, and shipment volume was 274,000 bales. However, the turmoil in the U.S. political arena has made investors in major markets nervous, and next Monday is Martin Luther King Jr. Day. , financial markets will be closed for one day, and traders do not plan to continue buying heavily before the long holiday.
Judging from the latest U.S. cotton export weekly report, U.S. cotton signing momentum has been very strong since the beginning of the new year. Upland cotton and Pima cotton exports are both very eye-catching. China’s cotton import quota is about to be issued, and import demand has begun. rise. The surge in US cotton signings is also closely related to the depreciation of the US dollar. Although the U.S. dollar index has rebounded recently, Biden is about to start printing money on a large scale after taking office, and the Federal Reserve continues to state that it will not raise interest rates, so the U.S. dollar index will remain weak.
On the same day, ICE futures closed slightly higher. The decline in the U.S. dollar index and the increase in U.S. cotton exports supported the market higher. However, how Biden will solve the problems in the United States after taking office next week has attracted attention. Current market expectations are that the trillions of dollars in economic stimulus that the new administration is preparing to launch will cause the dollar to fall. Prior to this, investors may adopt a wait-and-see strategy. </p
