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Cotton Goes Lower And Higher, Creating New Lows For The Year.

2011/10/24 15:11:00 38

Cotton futures closed at a 14 month low on Thursday, as investors cleared their positions. Analysts said the market's worries about the European debt crisis and the weak demand for cotton drove prices down through key support positions.

Intercontinental Exchange (ICE) index in December cotton fell about 2.86 cents, or about 3%, at CTZ1, at 0.9686 US dollars per pound.

Today, Zheng Mian 1205 contracts go up and down.

Low opened at 19850, the highest 20000, the lowest 19850, closed at 19935, compared with the previous trading day fell 25 points (-0.13%).

Cotton index positions are reduced by 3922, and turnover is more than 60 thousand.

Goods in stock

On the market, China's cotton price index (328) in October 21st was 19623 yuan / ton, down 18 yuan / ton.

October 20th

Imported cotton

The price index (FCIndex S) is 121.86 cents / pound, down 0.38 cents / pound; 1% tariff 19754 yuan / ton, down 60 yuan / ton; discount sliding duty 20204 yuan / ton, down 60 yuan / ton.

Cotton picking in the new year has been progressively carried out. Because of the increase in cotton planting area this year (planting area is 77 million 800 thousand mu, an increase of 4.7%) and weather is conducive to cotton harvest, the cotton output in the new year is estimated at 7 million 290 thousand tons, an increase of 9.84% over the previous year.

Consumption is expected to be 9 million 906 thousand and 300 tons, down 108 thousand and 900 tons or 1.09% compared with the same period, and the final inventory is expected to be 2 million 950 thousand and 100 tons, an increase of 424 thousand and 600 tons or 16.81% over the previous year.

The overall supply and demand showed a relatively loose change compared with last year.

In terms of purchasing and storage, this week accumulated a total of 1760 tons, and the storage capacity began to increase gradually.

According to the current price,

Cotton processing

There is a certain profit margin in the storage and storage of enterprises, and there is little difference between the profits from futures and hedging, so the number of reserves has gradually increased.

It should be said that the purchase and storage policy of national reserve is being effective gradually. The cotton price in the new year will fluctuate around 20000 yuan / ton, which is both advantageous to the cotton farmers and the industrial chain.

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Judging from the trend of the disk, today, Zheng cotton 1205 opened lower, opened up after the shock, followed by the main shock, holdings slightly reduced.

Cotton is now at its lowest level since the beginning of the year, and cotton continues to be located in the bottom.

At present, it is recommended that the bears continue to hold.