Bridge Asia Ltd.

Cotton Market Commentary:

It has been suggested that the change in Irma’s direction stalled Friday’s trading session with the December-17 contract settling slightly higher up 32 points to 74.59. The hurricane has now been downgraded to a category 2 and this morning hit the Florida coast. All-in-all the tumultuous weather in the States has generated a 900 point advance in the December contract over the past fortnight. In other news, the Chinese State Reserves continue to enjoy solid clearance rates with 90.70% of Friday’s trade cleared. Cumulative sales from the Chinese Reserve now account for over 2.8 million bales.

Cotton Market Commentary:

Cotton Futures rallied in the overnight session, with forecasts of Tropical Depression Harvey threatening to deliver widespread flooding across the South East of the US. Weather reports are predicting over 400mm of rainfall to hit Texas and Louisiana over the next 7 days. In light of this news, the cotton market responded in positive fashion, closing to the highest level in the past ten sessions. In particular, the December-17 closed the session up 108 points, to gain a total of 207 points over the past five sessions. In other news, the Chinese CZCE reserves enjoyed a 97.3% take-up of reserve sales and also positive price gains yesterday.

Why Maharashtra cotton ginners are eyeing Singapore market A group of cotton ginners from Maharashtra will visit Singapore to explore possible deals for Indian cotton.