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Spot Weakness Restricts Zheng Cotton'S Short Term Rebound

2011/4/7 18:40:00 72

ICE cotton futures closed higher on the 6 th, reaching a daily limit. Investors and speculators were short sellers. The market participants are waiting for the government's upcoming report on crop supply and demand on Friday.

The ICE benchmark cotton futures contract closed at 7 cents in May, closing at $2.0806 a pound.

Fang Huiling, a futures analyst at Xiangcai prayer year, said that due to the dry weather in the US main producing area and the announcement of the supply and demand report in April, the short complement will boost the 6 day trading limit of the external market.

But at present, domestic cotton spot is weak, and the downstream industry market is still not improving. This will restrict the rebound of the futures market. Zheng cotton is expected to shock in the 28000-29500 range in the short term.

In 6, the price of domestic cotton spot market continued to fall, falling between 100-200 yuan / ton.

With the further weakening of the cotton market and a small number of pactions, buyers and sellers further prying into each other's psychological base price.

On the 6 day, China's cotton price index (CCIndex328) was 29627 yuan / ton, down 225 yuan, but still 582 yuan / ton higher than the closing price of zhengmian May contract 29045 yuan / ton.

The buyers and sellers in the spot market have a relatively high wait-and-see mood.

Cotton bank

The higher cotton prices have a panic mentality, but the volume of shipments has not increased significantly, because cotton companies still have illusions about the market, and there is a certain mentality of selling away. At the same time, the buyer's purchasing efforts are not high enough, and shipments are more difficult.

Textile industry, most textile enterprises finished product prices fell, sales profits seriously compressed, not optimistic about the market outlook.

On the 6 day, China's FC Index M index was 224.53 cents / pound, up 2.58 cents.

Imported

The cost is 37327 yuan / ton at 1% customs price and 37604 yuan per ton.

At present, the tariff import cost of 1% is 7700 yuan / ton higher than that of the domestic spot index (CCIndex328).

The spot price of the port is small and the price is low.

With the increase of cotton purchase in the new year, the price of the new flower is strong and high.

In April 6th, the majority of contracts in the national cotton trading market were mostly open to electronic commerce, and the intraday market maintained the upward trend. The average price of each contract rose in the closing time, and the contract rose more than 1000 in the long term.

The main MA1105 contract closed at 28290 yuan, up 862 yuan; in recent months, the MA1104 contract closed at 28050 yuan, up 683 yuan.

Trading volume continued to increase on that day and the order volume decreased significantly.

Internationally,

ICE cotton

Futures reached a daily limit on the 6 day. Investors and speculators were short sellers. The market is waiting for the upcoming crop supply and demand report to be released on Friday. Meanwhile, it is also concerned about the dry weather in Dezhou, the main planting area.

The benchmark May contract was closed at 7 cents, closing at $2.0806 a pound.

The domestic market was boosted by the rise in the external market, and Zheng cotton futures closed up in April 6th.

The main contract 1109 opened at 28150 yuan / ton, the highest 28860 yuan / ton, the lowest 27885 yuan / ton, reported at 28755 yuan / ton, up 295 yuan, or 1.04%.

The turnover was 1 million 800 thousand hands on that day, an increase of 52598 hands compared with the previous trading day, and the increase of 1804 hands was 386 thousand hands.

On the technical side, the main 1009 contract 6 days low opened at the beginning of one fell below the 28000 line, but then the shock rose again, the position recovered, the Japanese K-line closed the line, and the price stood on the 5 day moving average.

However, the average system is still in short order, and still faces multiple repression. The market's downlink channel is still good.

The market shrank and increased positions. From the post position situation, the net volume of the first twenty of the zhengcotton summary contract changed little. Zhejiang Yongan increased substantially, reducing the number of holdings, holding more than one single 6145 hands, while reducing the empty hand and 6921 hands.