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International crude oil futures prices fell, mainly as a surge in U.S. inventories overshadowed concerns about the situation in the Middle East and hurricanes. Data from the U.S. Energy Information Administration (EIA) showed U.S. crude inventories rose 5.8 million barrels last week to 422.7 million barrels, while analysts polled by Reuters expected a rise of 2 million barrels. U.S. President Joe Biden discussed Israel's plans for Iran in a phone call with Israeli Prime Minister Benjamin Netanyahu on Wednesday, but neither the White House nor Netanyahu's office released details of the discussion. The United States is bracing for Hurricane Milton, which unleashed tornadoes and heavy rains on Wednesday and is expected to make landfall in Florida in a few hours. The storm has led to higher gasoline demand in Florida, with about a quarter of gas stations without supply, helping to support crude prices. WTI crude for November 2024 delivery fell $0.33 a barrel (-0.45%) to settle at $73.24 a barrel. Brent crude futures for December 2024 fell $0.6 a barrel (-0.78%) to settle at $76.58 a barrel. The spread between Brent and WTI was $3.34 per barrel, down $0.27 per barrel from the previous day.
Recently, although favorable domestic macro policies have led Zheng cotton to shake up from the bottom, the weak fundamentals have led to limited room for cotton prices to rise.
Internationally, in September USDA cut US cotton production and global ending inventories, and then the Federal Reserve cut interest rates more than expected to further boost cotton prices, the focus of US cotton prices continued to move up, the highest to 74.23 cents/pound. However, with the interest rate cut, the market gradually returned to the fundamental trading logic. Downstream consumption has not improved significantly, the global cotton supply and demand pattern in the New Year is expected to be loose, and macro uncertainty still exists, and there is no obvious positive support for continuing to rush high. At present, there are two main factors affecting the price of cotton in the United States, one is the macro-level disturbance that has not disappeared; The second is the final output of American cotton. At present, the United States cotton lacks trend drive, and it is expected that short-term shock operation is mainly.
Domestically, on October 10, the main contract of Zheng cotton closed at 14,115 yuan/ton, down 170 yuan, or 1.19%.
From the supply side, the domestic production is expected to maintain a large number of new flowers will be picked and listed, the overall acquisition mentality is more cautious, as the price rises, the amount of protection or has increased.
From the demand side, the peak season is coming, the downstream opening probability is raised, and market confidence is slightly boosted. However, at present, the enthusiasm of textile enterprises to replenish the inventory is not high, the overall recovery of demand is still limited, the actual interest is not enough to drive, and the space for continued rebound is more limited. Downstream pure cotton yarn with insufficient momentum, although the peak season is coming, but the price rise is weak.
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