Poor Environment; &Nbsp; ICE Cotton Fell Again (11.17)

Eurozone debt concerns led to a significant appreciation of the dollar, while the market worried that China would raise interest rates, and the price of international commodity futures was hit hard again overnight. ICE cotton hit the limit again under the pressure of continued profit making by investors. The March contract fell 5 cents to 129.2 cents / pound.

At present, cotton prices return to fundamentals. The short panic caused by the macro level and the closing of capital gains will make ICE cotton continue to fall back.

Technically, the ICE cotton futures contract fell sharply in March, while the average line system kept rising, but the KD and MACD indexes continued to fall short of the fall. Meanwhile, the red flag of the MACD index continued to grow, and the downtrend will continue. In March, the contract will continue to challenge the support position of 125 cents / pound. If the support falls, the target will reach 113 cents / pound.

Because

ICE cotton limit down China factor led

Last night, the US dollar rebounded sharply in the international market. Commodities and stock markets plummeted all over the world, and cotton futures were down in ICE. Under the contract in March, there were 119-124 American partition platforms.

At the same time, the Irish crisis and so on are more pushing hands. At the same time, the main economic indicators such as the United States, the economic indicators of the United States, and the basic position of some commodities and the weakness of the stock market have been established. Since then, the China Development and Reform Commission, to the latest Ministry of Commerce, has taken "a number of measures to control the excessive price rise". Central bank governor Zhou Xiaochuan, "the upward pressure on prices needs to be concerned", and Premier Wen Jiabao said that "measures are being taken to curb the excessive price rise", all of which show that China's top executives are worried about the price rise. At the same time, the European Union officials are trying to prevent the Irish debt crisis from deteriorating into a Greek style disaster. The recent actions taken by the Federal Reserve have been criticized more and more, which has aggravated the short-term market panic and aggravated the short-term market panic, and the funds have withdrawn from high-risk assets. Overnight, the international market plummeted, and the Chinese factors in the market were reversed.

Cotton market, ICE announced the latest week as of November 12th, the cotton futures speculation net bull rate fell 1.7% to 11.8%, while the total position of a single week is down more than 10%, and the Chinese market performance is exactly the same.

Zheng cotton yesterday opened bilateral shocks, the morning session has hit the daily limit, the surrounding commodities and stock markets have dropped sharply in the afternoon, the price has been dropped, the main force in Zhejiang Yongan has been largely reduced, the market is weakening, and the spot keeping costs will not change fundamentally in the short term, but the futures market will not be able to go down without any confidence in the funds.

The idea of dealing with the short term is inevitable.

(pioneering futures Dong Shuangwei)

Macro face factors to suppress cotton prices continue to adjust downward

ICE cotton futures fell sharply on December. The contract fell 500 points in December, closing at 1.3375 U.S. dollars. In March, the contract fell 500 points, closing at 1.292 U.S. dollars, and ICE cotton futures touched down. The cotton market has not yet been adjusted, and the fragile market has been weighed down by the systemic negative factors. On the one hand, it is worried about the debt problem of the euro area. The problem of EER has surfaced and may need the aid plan. This has pushed the US dollar up, and has suppressed all commodity futures prices, including cotton. In addition, the top Chinese government officials have paid close attention to the uplink of the price. The central bank will continue to do well in the regulation and control work.

There were concerns about inflation, which led to tighter policy expectations, Ireland's debt problems and bull confidence. Yesterday, Zheng cotton futures touched a daily limit, but then fell sharply with the surrounding commodities, and the market adjustment continued. The external market situation had a great impact on cotton. The price of lint cotton and seed cotton fell down, and the yarn Market in the downstream market remained weak. Fewer commodities, including cotton, will continue to be affected by macroeconomic policy. The short term market will turn into an empty market. (Haitong futures Zhengzhou business department: Zhang Jianwei)