期棉回吐涨幅并收低 受油价下跌及美元走强打压

Futures Market - On January 7, ICE cotton futures retreated from earlier gains, influenced by falling oil prices and a stronger US dollar, with the most active March cotton futures contract down by 0.21 cents or 0.32%, settling at 64.85 cents per pound [1] - Speculative buying earlier in the day had initially supported cotton prices, with Price Futures Group's vice president suggesting a slight decline in US cotton production this year, which may provide some support for cotton prices later in the year [1] - The drop in oil prices is pressuring cotton prices as it makes polyester, a cotton substitute, relatively cheaper, thereby reducing demand for natural cotton [1] Export Data - Brazil's cotton exports in December reached 452,500 tons, boosted by demand from Asian countries, marking a 28.2% increase compared to the same period in 2024 [1] - Brazil is the world's largest cotton exporter, with production for the 2024/25 season expected to reach a record high of over 4 million tons [1] Inventory and Market Trends - As of January 6, ICE deliverable No. 2 cotton contract inventory stood at 11,510 bales, unchanged from the previous trading day [2] - The US dollar index has risen, while the S&P 500 index closed lower due to declines in financial stocks, although Nvidia and Alphabet helped lift the Nasdaq index as investors shifted towards AI-related stocks [2] - Oil prices have decreased for the second consecutive day as investors digest a deal by President Trump to import up to $2 billion worth of Venezuelan oil, which will increase supply for the world's largest oil consumer [2] Spot Market - On January 7, the Cotlook A Index was reported at 75.05 cents per pound, an increase of 35 points [3]