27 ICE Cotton Comment: External Pressure Increased, Cotton Market Fell 11 Weeks Low
On Friday (2.27) ICE, the US futures exchange cotton fell to its lowest level for 11 weeks, and speculators lost short in the commodity market, while the stock market fell and the pressure on the cotton market increased.
The most active May cotton fell 98 points, reported 43.26 cents per pound, the recent March contract fell 102 points, 42.06 cents per pound.
Cotton was on the high of 44.42 cents earlier today, but then slipped. The US GDP data released in the fourth quarter of 2008, the data was revised down, triggering a massive sell-off in the commodity market and a decline in the stock market.
The support for May contracts was 42.83 cents, but before the 42.78 cent gap was lowered, the market began to run sideways. 42.78 cents is the lowest point since May in December 9th.
Analysts say market sentiment will lead the nose of cotton futures prices.
One analyst said that we did not really look at the fundamentals of cotton. Today, the US economy and GDP data shrink, indicating that there will be more pain in the future.
One analyst said that the May contract support level was 41.16 cents and 40.25 cents in December 9th, which is the low point of the contract.
Analysts expect us cotton spot sales to remain large next week.
In the longer term, cotton fundamentals may lead to price weakness if India and the Chinese government put the country's reserve cotton on the market.
The stock exchange reported Thursday that ICE cotton daily inventory increased by 2519 (500 pounds) to 213099 gross packages, and 13552 bags to be registered.
The exchange reported that on Thursday, ICE's cotton empty volume increased by 969 to 116715 of the total position.
The exchange reported a turnover of about 8188 hands in cotton futures. Option trading, call option is about 5758 hands, put option is about 1971 hands.
Closing price range
03 months 42.06 -102 42.06-43.03
05 months 43.26 -98 42.78-44.42
07 months 44.71 -89 44.25-45.60
December 48.96 -81 point 48.42-49.10
Editor in chief: Xu Qiyun
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