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Cotton spot market rose slightly, trade was active
The cotton spot market rose slightly today, with traders actively shipping, while textile companies only placing just-needed orders at lower points. The transaction situation was not satisfactory.
The minutes of the meeting released by the Federal Reserve showed a stronger stance, and the market expected a reduced probability of interest rate cuts in 2024, at most once. This position inspirespetertomarkenShort covering of funds led to a daily limit for ICE U.S. cotton futures prices.
Monsoon rains have begun in India, but markets are worried about the impact of wet weather on cotton planting. Domestic cotton fundamentals are weak. Market sentiment is affected by the external environment. Spot prices are expected to remain stable or rise slightly in the morning.
