The global market of cotton is currently consolidating within a narrow price range between $67-74. Several factors contribute to the flattish move, including overall economic weakness, record-high stock, higher production and lower demand.
This months, the market of cotton has seen 2 attempts to support the price caused by the unprecedented purchases of cotton by China and the USDA’s negative forecast published on July 11th. However, these factors have failed to initiate a rally.
The price seems to be fluctuating within the mentioned price range because both the parties (bulls and bears) are showing almost no trading activity at the moment.
According to the Commodity Trading Department of , the flattish move will most likely continue in the near future.
