“Down with the masks” This could be the watchword for the coming week if China had not imposed a lockdown to 17 million people again. We should not once again make the mistake of underestimating the signs of contagion on the pretext that it is happening far from our borders. 

In this issue of " Down with the masks ", we discuss a worrying economic situation and a war that is violently knocking on the door of our sleeping consciences. It is difficult to talk about inflation, which is still very high, growth, which is expected to slow down considerably, the price of oil, which after having soared, landed to $110 a barrel, or geostrategic when men are being shot at by other men. 

Let's drop the mask on geopolitical strategies with variable geometry. E. Faure said "there are no weathervanes, only the winds that turn". In a context of tensions within OPEC, which initially refused to increase its production capacity, the United States resumed talks with Venezuela and Iran to try to find other alternatives. It is in this troubled context that the cotton market experienced a turbulent week: 

• The WASDE, in spite of its well oriented predictions, is no longer followed by many operators as the reaction time on fundamental data is long to be integrated by the USDA, which we have known to be more inspired. 
• The basis for available cottons are constantly increasing as supply is so scarce, pending availability from the southern hemisphere. 
• China announced at the end of the week the issuance of an additional import quota of 400 KT which was enough to strengthen the market above 120 USC / Lb in New York. 
• Demand is not weakening in Asia where yarn prices are supporting it. US exports are still very satisfactory, despite shipments still below the level needed to meet the end of season forecasts. 
• India should start importing from April onwards, especially of good quality, at least if there are any left... 
• The White House is concerned about the oligopoly situation of the three largest shipping companies, which have massively increased their prices, contributing to an increasingly worrying inflation. On the other hand, the stratospheric profits posted by the same companies have not made it possible to improve transport conditions, to the point where certain destinations such as Bangladesh, Pakistan or even Vietnam are only sporadically served, which could lead to a change in consumer habits. How can West Africa do without its main customer, Bangladesh, under such conditions? 

On the new crop side, the situation is more mixed: 

• The climatic conditions in the USA, particularly in Texas, continue to give cause for concern as the drought seems set to last in more than half of the cotton-growing areas. 
• The war in Ukraine has caused cereal and oilseed prices to soar. When the time comes to choose the areas to be planted with each product, it is unlikely that cotton will be favoured, given the risk of the war and its tensions spreading and weighing on the consumption of textile products. 
• The increasing prices of all fertilisers will inexorably lead to a reduction in fertiliser consumption, which should have an impact on yields. 

In the confusion that reigns, the masks are being pulled off on certain reckless short selling practices such as those taken on Nickel, which caused an operator to lose nearly $8 billion and caused the LME to close due to a lack of capacity to meet margin calls.