Global cotton prices are basically stable, India's rainfall attracts attention

Last week (July 22-28) global cotton prices remained basically stable. It is expected that with the substantial increase in global cotton production in the new year, cotton prices in India, Pakistan, and China will also fall sharply.　　 It is understood that the December ICE futures contract remained at 68 cents per pound last week. In the Chinese market, according to unconfirmed rumors, China plans to add about 414,000 tons of reserve cotton supply. Affected by this negative factor, Zheng cotton futures fell sharply.　　In India, Gujarat and Rajasthan suffered heavy rains last week, and the growth of cotton was severely affected. The quality of cotton in some areas may be impaired. Next, there may be concerns about the floods causing insect damage. According to the latest official Indian data, the cotton planting area in India in 2017 increased by 25.2% year-on-year. Under normal weather conditions and no serious pests, it is expected that India's cotton production will increase significantly in the new year.　　 In Pakistan, cotton prices have continued to fall in the past few weeks with the expectation of a large number of new cotton listings, but since last week, Pakistani cotton prices have stabilized under pressure. Article Keywords: 　Cotton