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After the ups and downs of the "drama", the focus of attention will be locked in today's presidential election day, who will enter the White House? Will Harris, 60, break the ultimate ceiling, or will Trump, 78, "strike twice"? This will undoubtedly bring significant volatility to trading. For the textile and cotton industry, the USDA's supply and demand forecasts are equally important. In addition, the Federal Reserve will meet on November 6-7 and will either hold interest rates steady or cut them again. All these three events have an important impact on our textile practitioners!
American cotton inquiry growth
With the further decline in cotton prices, the US cotton export inquiry continues to increase. The latest US cotton export weekly report shows that last week, US cotton export contracts and shipments further picked up, and China continued to maintain a small purchase. So far, U.S. cotton export sales have met 51% of USDA forecasts, compared with a five-year average of 63% for the same period. Overall, U.S. cotton export signings and shipments were average, increasing compared to recent weeks, but factory demand still appears to be on a buy as you go basis.
China's manufacturing sector is growing for the first time
China's manufacturing sector expanded in October after five straight months of contraction. Last month, manufacturing activity grew rapidly, and key industries such as basic raw materials, equipment manufacturing, high-tech manufacturing and consumer goods continued to maintain stable and positive performance. The purchasing Managers' index (PMI) for the sector came in at 50.1 in October, up from 49.8 in September and above the neutral 50 level for the first time since May, the National Bureau of Statistics (NBS) said in a recent statement. In the past few years, the manufacturing PMI has often been lower in October than in September.
An index of business expectations also rose to a four-month high of 54 in October, according to a state media report, reflecting growing confidence among manufacturers. The non-manufacturing PMI came in at 50.2 in October, up from 50 in September, while the headline PMI rose to 50.8 from 50.4. Experts believe that the positive trend in manufacturing will continue in the fourth quarter.
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