White sugar:
Yesterday, the raw sugar futures price fell slightly, and the main contract closed at 18.bonusgame.21 cents per pound. In terms of spot, Guangxi's spot price was 6,500 - 6,620 yuan/ton, which was flat. Brazil exported 1.6105 million tons of sugar in the first three weeks of May, with an average daily export volume of 134,200 tons, compared with the entire month of May last year.bonusgameThe average daily export volume of 109,500 tons increased by 23%. The monthly export volume in May last year was 2.4092 million tons. Raw sugar futures fell again after being consolidated at low levels. The market is still suppressed by Brazilian production. Production in the first two weeks of May will be announced next week, and the market is cautious. The domestic spot market continues to sell at a favorable price, and low inventories support the current market. However, concerns about import factors still exist after July, and a bearish view continues to be maintained.
Cotton:
On Wednesday, ICE U.S. cotton rose 3.93% to close at 79.38 cents/pound, CF409 rose 0.46% to close at 15375 yuan/ton, and the factory price of cotton in Xinjiang was 16080 yuan/ton, down 1 yuan/ton from the previous day. China's cotton price index 3128B was 16408 yuan/ton, up 3 yuan/ton from the previous day. In terms of the international market, the center of gravity of U.S. cotton prices has continued to move upward from low levels recently. In addition to macro disturbances, weather factors are also gradually rising. Recently, there has been more rainfall in the major cotton-producing countries in the northern hemisphere, causing market concerns, and U.S. cotton closed at the daily limit. In the domestic market, boosted by macro sentiment, Zheng Mian's main contract continued to rebound, but its positions fell month-on-month, and the main contract rebounded weakly. Fundamental support for it was limited. It is expected that Zheng Mian will be dominated by shocks in the short term and will remain under pressure in the medium and long term., continue to pay attention to weather and inventory changes.
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