Futures Market Reinventing Star &Nbsp; Zheng Cotton Turnover Exceeds 4 Million 540 Thousand Hands.

　　 Cotton futures Recently, the "Star Road" is quite smooth.

Insiders said that the current domestic cotton futures transactions, positions and Price The change has always taken place in front of many varieties, and cotton has evolved from an unconcerned variety into a star species.

Since the Zhengzhou cotton futures trading volume broke through 2 million for the first time in September 27th this year, the fund's preference for this variety has been unmanageable. Until yesterday's closing, Zheng cotton has reached 4 million 543 thousand hands in all the contracts, and once again refreshed its historical record, and the position of this variety also approached 450 thousand hands.

In the 6 years since the listing, most of the cotton futures can only be a helpless "spectator". Its daily turnover has always been maintained under the "poverty line" of 1 million hands. This year, after September, Zheng cotton finally felt proud and pleased. In the meantime, cotton prices rose rapidly from 18000 yuan / ton to 33000 yuan / ton. Meanwhile, this variety transaction is also constantly creating miracles. In addition, funds on cotton futures seem to be more sensitive to market winds. Cotton seems to replace sugar as a "leading indicator" in commodity futures adjustment over the past few weeks.

　　 Niche products " Little cosmos "Outbreak"

Before the outbreak of cotton prices, the prices of metals and other commodities have risen for a year and a half, while the US dollar index has rocked at a high of around 85. Coincidentally, at that time, the commodity market also encountered the problem of too much liquidity. Due to the suppression of the real estate policy, a large number of surplus funds fled from the relevant stock market and property market, and turned to the commodity sector to seek opportunities. Cotton is one of the commodities with better fundamentals and relatively low valuations.

In line with the background of the collective price increase of agricultural products, funds have once again turned their attention to "disaster theme". The low temperature during the cotton growing period and the waterlogging during the Bolling period in China have made the money for cotton futures more powerful. The problem of China's cotton production, import and inventory shortage has long suggested that the market is going up.

Shanghai mid-term analyst saw thunder, said the outbreak of cotton fundamentals, also attracted the speculation of funds, supply and demand imbalance this simple common sense so that the market began to pay attention to cotton.

　　 Downstream help: four months walk six years

Unlike metals, Oils and other commodities, cotton has a wider industrial chain, and the downstream industries involved include textile, grey cloth, printing and dyeing, clothing and other enterprises. This is also the reason for the increasing scale of cotton futures participation.

According to industry estimates, as the largest economic crop in China, cotton planting will involve more than 1 hundred million cotton farmers, and the number of workers in the textile industry is around 20 million. It is no exaggeration to say that cotton and its related industries are large aircraft carriers attracting labor force. In addition, the downstream of cotton textile industry occupies a very high proportion in China's GDP, and the textile industry is still the largest export industry in China. Ren Xinpu, an analyst at Yongan Futures Research Institute, said that if cotton, which involves a wide range of industries, there should be a mature and high participation futures market.

From the historical experience, the maturity of a variety is often accompanied by the shift of the price center of gravity and the increase in volume. Cotton is finally looking forward to this day. In the past four months, the cotton trade in Zhengzhou has gradually increased, and its price has also become the leader of the commodity market. It can be realized that the dream has not come true in the past six years. The cotton price rose by more than 80% during the period, while the price of sugar and oil rose by only about 50% during the same period, while the price of copper and zinc rose by less than 40%. In the major adjustment of commodities that began in November 10th, the price jump of Zhengzhou cotton also took the lead in most commodities.

　　 "Downstream cotton companies are not afraid of high prices and fear of price fluctuations, because enterprises can buy and maintain value in futures markets." Ren Xinpu pointed out. In other words, the high price of cotton has attracted business customers to participate in the futures market, which will further enlarge the turnover and position of cotton futures in the future.