Chinese Demand Stimulates Cotton Futures Trading In New York
On Friday, the US Department of Agriculture released monthly report.
Cotton consumption
Growth, New York ICE cotton futures rushed to the daily limit.
The most active December
Stage cotton
Recent trading prices rose 4 cents, or 3.9%, to 1.0775 dollars / pound, less than 2 cents below the 15 year peak set in late September.
The United States Department of agriculture in the world's agricultural products supply and demand forecast report said that in 2009-10 years, China's cotton consumption was 49 million packs, higher than the 48 million 500 thousand package reported last month.
The report also lowered China's 2010-11 year production forecast by 1 million to 31 million 500 thousand bales.
China is the largest cotton producing country and consumer country in the world.
Earlier this year, heavy rains in China were not conducive to cotton production, and cotton prices continued to grow in the following period, as the market expected that China's demand would expand.
The government report also showed that US output was slightly higher than that of last month's report.
U.S.A
Cotton yield
It will reach 18 million 900 thousand packages, higher than the 18 million 840 thousand package expected in September.
This figure increased by 55% over the previous year, but basically met market expectations.
According to the report, the world cotton demand in the past 2010-11 years is 120 million 800 thousand packages, which is estimated to be larger than 116 million 700 thousand packages.
The sales of unsold cotton fell to 44 million 700 thousand bales from the estimated 45 million 400 thousand packages of last report.
The market is expected to see a shortfall in cotton supply as Pakistan floods destroy most of the cotton.
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