During the period from June 20- June 24, the Zhengzhou market declined sharply by 1000 yuan/mt. The significant reason behind is the macro environment. Under the macro sentiments all the global recessions got intensified. In both Chinese and International markets, the prices of commodities got lowered down.
The major affecting factor for cotton futures decline is mainly the macro sentiment. Ice cotton futures tumbles which in result weakens the Chinese cotton market.
It is also heard that the Chinese government may sell imported cotton and purchase Xinjiang cotton, with a reserving volumekt.
