Spot Continued To Drop More Than 100 Points &Nbsp; Cotton Market Weakness
[market performance]
US cotton futures fell for fifth consecutive days on Wednesday.
Business needs
Weak and China's interest rate hike, cotton futures may further decline.
Index December cotton futures CTZ1 fell 2.10 cents, the settlement price quoted 1.1342 dollars per pound, the intraday trading range between 1.126 and 1.1773 U.S. dollars. Cotton futures four days later, the market rebounded, but the news of Portugal's downgrading was suppressed, the market once again worried that the global economic growth instability will drag cotton demand.
Yesterday, Zheng cotton once again explored the low point since last October 11th, and the daily net added more than 12 million hands. The total position was 739 thousand and 700 hands, and the single contract position exceeded 500 thousand hands to reach 534 thousand and 900 hands, all of which set the historical record of Zheng cotton futures going public in June 1, 2004.
[spot market]
Yesterday, the domestic index continued to drop more than 100 points a day.
Representing 229 countries in China
Cotton price
The A index is 25416 yuan / ton, and the price of B represents 23399 yuan per ton for domestic 328 class cotton price.
The quotation of imported cotton is down, and the pessimism spreads in the international spot market.
[aftermarket concerns]
The market continued to focus on domestic consumption and drought in the western United States.
[operation suggestion]
Zheng cotton
Strengthening the concussion in the 22000-23000 line seems to be supported, but we must not take it lightly.
There is no big change in fundamentals, and there is basically no decent outflow. Instead, the bad ones happen occasionally. At present, most of them are short - term funds and cautious.
It is proposed to wait and see for two days.
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