East Asia Futures: Cotton Falls Below The 5 Day Line, But There Is Little Room To Fall.
8 days
Zheng cotton
1109 contracts are low and low.
Low opened at 27000, the highest 27110, the lowest 26660, closed at 26730, compared with the previous trading day fell 270 points (-1.00%).
The cotton index increased by 31080 hands, with turnover exceeding 1 million 10 thousand.
Internationally,
Internationally, the market is in a consolidation pattern, with buyers on Friday.
Ministry of Agriculture
Before the report comes out, choose to watch carefully.
Market participants expect that the volume of pactions will remain relatively low before the monthly report on demand and supply is released on Friday by the US Department of agriculture (USDA).
In addition, market participants have shifted their focus to cotton planting expectations in the spring of 2011, such as the United States and China, which will focus on whether the two countries can produce more cotton.
In the spot market, China's cotton price index (328) is 26756 yuan / ton, up 117 yuan / ton.
In December 7th, the import cotton price index (FCIndex S) was 165.70 cents / pound, down 1.46 cents; 1% tariff 27921 yuan / ton, down 244 yuan / ton; discount sliding duty 28291 yuan / ton, down 242 yuan / ton.
Domestic cotton fundamentals have not changed, the shortage has not been improved, and cotton supply is still tight.
In the industrial chain, cotton intermediate enterprises purchase cotton at a high price in the early stage, and they are reluctant to sell at low prices, waiting for the price to be callback.
The short-term policy factors are still in effect, but as cotton prices stabilize gradually, the latter trend will return to fundamentals, and the market will gradually determine its reasonable price range.
Judging from the trend of the disk, cotton prices continue to fall below the influence of the foreign exchange market today, and all the way down and down below the 5 day line. The cotton price has been confirmed at the bottom after breaking through the bottom shock interval. From the price difference, the cotton contract in the near future is smaller than the forward contract, and the supply of cotton is still tight. The spot market keeps the premium. The short-term market is still more cautious under the influence of the regulation, but there is little room for the late fall.
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