According to statistics from the Alexandria Exporters Association (Alcotexa), Egypt's net cotton export contracts for the week ending January 3 reached 1,075 tons, showing a significant increase compared to the previous week (372 tons). During the same week, Egypt's cotton shipments amounted to 1,651 tons, also registering a substantial rise from the previous week (592 tons).
PriceSeek's analysis of lint cotton indicates a bullish-bearish score of 1.5. The significant week-on-week increases in Egypt's net cotton export contracts and shipments (contracts rising from 372 tons to 1,075 tons, and shipments increasing from 592 tons to 1,651 tons) suggest strong international demand for cotton, which is favorable for spot prices and may lead to tighter supply-demand dynamics in the spot market.
Combined with cotton futures data, the settlement price of the Zhengzhou Commodity Exchange's main contract 2605 stood at 14,835 yuan per ton, up by 65 yuan, with a trading volume of 394,159 contracts and open interest of 915,854 contracts. The expectation of increased demand may further strengthen the upward trend in futures, supporting further price increases.
Comments
0