The global economic outlook is still on the downside, and international cotton prices may continue to be weak.

In its latest report, the Organization for Economic Cooperation and Development cited downside risks to the near-term global economic outlook and lowered its forecast for global growth in 2023 from 3.0% to 2.9%. The Fed's Economic outlook survey showed an overall slowdown in U.S. economic activity in the six weeks to Nov. 7, with consumers becoming more price sensitive and spending less on discretionary and durable goods. In the cotton market, cotton picking in the northern hemisphere accelerated, and the US Department of Agriculture reported that as of November 26, the US cotton picking progress was 83%, flat year-on-year, and an increase of 4 percentage points over the past five years average. As of the week of November 26, India's new cotton on the market was 162,400 tons, a significant increase from the previous week. The international textile market continues to be depressed, and the Vietnam Cotton Textile Association predicts that textile exports will fall by about 10% this year. On the whole, the global cotton supply is large, the phased supply is greater than the demand pattern is prominent, and the international cotton price is expected to be weak.

The off-season atmosphere of the textile market is prominent, and the domestic cotton price is under pressure.

Data from the National Bureau of Statistics show that in November, the manufacturing purchasing managers index and the composite PMI output index were 49.4% and 50.4%, respectively, down 0.1% and 0.3% from the previous month, and the manufacturing industry's prosperity level fell slightly. In terms of the domestic cotton market, with the decline in cotton prices, the willingness of cotton processing enterprises to offer and ship has declined significantly. According to the national cotton market monitoring system data, as of November 30, the national new cotton processing rate was 67.8%, an increase of 19.3 percentage points, and the sales rate was 6.7%, down 1.4 percentage points. In the textile market, the yarn circulation speed has slowed down significantly, the finished product inventory of textile enterprises has shown an upward trend, and the opening probability of some textile enterprises has been further reduced. Overall, short-term cotton supply is sufficient, the downstream textile market demand continues to weaken, is expected to continue to pressure domestic cotton prices.

Declaration: The content of this article is organized from the Internet, and the copyright belongs to the original author; If there is infringement, please inform in time and contact to delete.