Cotton Futures, July 28
EUR/US$ 1.1367
Cotton Slips into Tuesday's Close
Barchart: Cotton futures closed with losses of 3 to 45 points across the board on Tuesday, slipping back from midday gains, while crude oil fell another $3.48 a barrel and the dollar index eased 0.109. USDA's weekly Crop Progress data showed 81% of the U.S. crop squared as of Sunday, in line with the norm, with 45% setting bolls, matching the five-year average pace. Overall condition improved to 46% good/excellent, up a point on the week, and the Brugler500 crop-condition index rose 4 points to 336; Texas ratings improved by 10 points while Georgia held steady, with only Louisiana, Oklahoma, Tennessee and Virginia showing deteriorating conditions. The Cotlook A Index fell 125 points Monday to 89.10 cents, ICE-certified stocks slipped to 90,699 bales, and the Adjusted World Price held at 63.82 cents/lb, good through Thursday. December settled at 80.53 cents, down 35 points on the day.
Source: Barchart.com
Shein's Hong Kong IPO Filing Sidesteps Xinjiang Cotton Controversy
Reuters: Shein's Hong Kong IPO filing, published Sunday, makes no specific mention of the risks tied to allegations that its clothing contains cotton from China's Xinjiang region, where the U.S. and human-rights groups say Uyghur minorities are subjected to forced labor; Beijing denies the allegations, and Shein maintains there is no forced labor in its supply chain. The fast-fashion retailer turned to Hong Kong after its supply-chain disclosures became a sticking point in stalled attempts to list in New York and London, since Chinese regulators would not accept a filing that named Uyghur forced labor as a specific risk factor. In the Hong Kong filing, Shein described only general reputational risks, stating that "negative publicity associated with our brand, business partners or industry may reduce the value and attractiveness of our brand and products."
Source: Reuters.com
Immediate Need to Record Damage and Compensate Cotton Growers After Recent Hailstorms, Says Cotton Interbranch Organization
Ypaithros: Greece's Cotton Interbranch Organization (ΔΟΒ) expressed serious concern over the extreme weather and severe hailstorms that struck key cotton-growing regions of the country in recent days, at a critical stage of plant development, directly threatening this year's production and farmers' income. Citing already elevated cultivation costs, ΔΟΒ called on the relevant authorities and Greece's Agricultural Insurance Organization (ΕΛΓΑ) to immediately mobilize assessment teams, simplify and speed up damage-evaluation procedures, and quickly issue advance payments and compensation so affected farmers can meet their current financial obligations and continue operating.
Source: Ypaithros.gr