General Comment On Cotton Market In 09 March 31St

      一、現貨市場

In March 31st, the national cotton price A index (CNCotton A) was 12150 yuan (per ton, the same below), rising by 119 yuan, and the B index (CNCotton B) was 11721 yuan, up 92 yuan.

Comment: today the average price of lint spot continues to strengthen, and the tightening of cotton resources is expected to make the price rise rapidly.

The decline in the profit level of the textile industry highlights the current situation and difficulties of the textile industry.

      二、撮合市場

In March 31st, MA0904 closed at 12600 yuan, the average price was 12538 yuan, up 130 yuan; MA0905 closed at 12561 yuan, the average price was 12546 yuan, up 115 yuan; MA0906 closed at 12635 yuan, the average price 12592 yuan, up 78 yuan.

Comments: today, the cotton market has been greatly strengthened under the guidance of the foreign market and the domestic spot situation. The volume has been steadily strengthened and the volume of orders has been reduced. The MA0906 contract has opened at 12589 yuan, with a low price of 12531 yuan, with a maximum price of 12670 yuan, an average price of 12592 yuan, an increase of 78 yuan, and a new high of the contract. The cotton market will remain strong from the current cotton and domestic fundamentals. However, the contract for the month ahead has broken through the 12600 yuan purchase and storage price line, and the shrinkage of the order has highlighted the signs of profit taking, which deserves close attention.

      三、期貨市場

In March 30th, the opening price of the contract in May was 43.34 (cents / pound, the same below), the highest price was 44.92, the lowest price was 43.05, the settlement price was 44.39, up 105 points, on the same day, the registered stock was 223089 packets, reduced by 110 packages, 10 packages were tested, and the turnover volume was 15285 hands.

In March 31st, the opening price of the CF907 contract was 12440 yuan, the highest price was 12465 yuan, the lowest price was 12400 yuan, closing at 12425 yuan, the settlement price was 12435 yuan, compared with the previous trading day, it rose 10 yuan; the closing price of CF905 contract was 12280 yuan, the settlement price 12280 yuan, increased by 20 yuan; the total turnover volume 13744 hand, accumulative position 53242 hand, reduced the 12280 hand.

Comment: in March 30th, a strong US dollar and a general fall in commodity markets did not bring negative effects on ICE cotton futures. Technical buying suddenly took the lead in the late stage, pushing the May contract up sharply.

In March 31st, Zheng cotton was opened higher than the closing price of the previous trading day. After that, the volume of the contract was shrunk, and the volume of contracts continued to decrease. The tight spot price will keep prices strong and may gradually increase. Although the export tax rebate rate for textile and garment has increased to 16%, we believe that the demand is still limited to the market, so we are still concerned about the spot supply.

At the level of technology operation, when the cotton futures further climbed to a high level of 12300-12500 yuan, the market funds were generally insufficient and needed new multi entry. Otherwise, the probability of falling into high order consolidation will gradually increase. After matching the market, the contract has exceeded 12600 yuan and the highest price is above 12800 yuan. Compared with the recent US Department of agriculture report, the policy of state purchase and storage is the key to further development of the market.

      四、國際市場

In March 30th, the international cotton index (SM) 56.57, down 32 points, folded the general trade port delivery price 12094 yuan / ton (calculated by sliding tax, the exchange rate was calculated according to the Bank of China's middle price), the international cotton index (M) 54.69, fell 19 points, folded the general trade port delivery price 11960 yuan / ton.

Comments: in March 31st, the price of China's main port of imported cotton rose sharply, and most varieties rose by more than 1 cents, of which India cotton rose 2 cents, and the United States cotton rose 0.5-1.5 cents.

Editor in chief: Xu Qiyun