We live in such intense times that nuclear fusion is everywhere: 

• - In capsules on Australian roads that fell off a truck crossing the desert 
• - In Iran, against a backdrop of drone attacks to try to curb the enrichment of uranium that has become unavoidable. 
• - In Ukraine, where people miss the good old days of atomic independence, which would have allowed for a more radical defence today. 
• - In Russia, where the possibility of targeted nuclear strikes to end a war that is getting bogged down is being evaluated.

On the economic front, resilience is taking hold, oil prices are stagnating and inflation looks set to fall. The ECB is trying to use the "coué" method: everything is fine because it could have been so much worse. Despite the war, the Euro continues to gain ground on the Dollar and the Western stock markets are recovering. 

However, all is not rosy, the flagship companies of the new technology are proceeding with massive layoffs and the short selling funds are attacking the Adani group which is literally collapsing on the stock market at the risk of seeing it disappear. 

The cotton market continues to search for a way forward. The battle between supply and demand continues to rage on, keeping prices at quite reasonable levels. 

How long could this situation last? Difficulties in opening letters of credit are not about to abate even as buying pressure continues to mount. The weekly US cotton sales report confirmed this trend with the second consecutive week of increased sales and a steady flow of shipments. 

The end of the New Year festivities should allow Asian markets to return to buying, while at the same time the Indian subcontinent is the source of many questions. Bangladesh and Pakistan seem set to enter what looks like a foreign exchange and payments crisis. On the other hand, the Pakistani crop is too small to cover the needs of the domestic market. 

India is also facing a crisis that does not bear its name, as cotton deliveries are weakening and spinners cannot import other cottons unless they pay an import tax. 

The pest attack in West Africa is also reducing the quantities available. 

How long can such a situation last when it is known that good quality cotton is hardly available on the market? 

In such a context, the theory of a drop in the ICE in New York below 70 USC/Lb has resurfaced, supported by technical analysis, investment funds and large traders. 

However, the decline in inflation, the fall in the dollar and the post-Zero COVID recovery in China allow us to be relatively confident at least for a stable price.