All commodity markets seem to be overheating, but saying so is not enough to temper the buying fever that seems to have gripped some hedge funds. 

The upturn was saving but is now becoming worrying. The question on everyone's lips is how far and for how long? 

Everyone has a more or less well-founded prediction. The nervousness of the players is growing and the lull does not seem to be coming any time soon. 

However, since the beginning of October, the Baltic Dry Index has been falling steadily, which could be a sign that freight rates are easing. 

However, it is not immediately clear that the container transport market will return to normal operation. 

To make matters worse, the US dollar continues to rise thanks to a US economy that is breaking all records, notably by returning to full employment. The stock market is soaring to its highest levels and is also causing many analysts to tremble. The famous Bloomberg newspaper headlined this weekend "The line between investing and gambling is getting super blurred", which could not describe the current situation better. 

COVID 19 is back in the spotlight with a new surge of contaminations but with fewer serious cases, which is reassuring. 

The world, in the midst of COP26, wants to be more virtuous and to move towards other paradigms. The race for clothing, which directly concerns our market, has been relegated to the background. “Stars" wear their evening dresses several times as if to support the second-hand clothing market. Second-hand clothing has become a trend 

However, it is still too early to revise the cotton consumption figures downwards. Many factories still accustomed to working on a hand to mouth basis are looking to buy cotton for nearby shipment. 

We will not go back to the December 2021 liquidation on the ICE which is becoming more and more tense. 

After the December 2021 liquidation our market should return to levels more in line with the supply and demand situation.