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Zheng Cotton Futures Rebounded High Inflation Can Still Be Expected To Rebound.

2010/12/20 17:59:00 53

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In the early morning, Zheng cotton rose higher and higher under the impetus of ICE cotton, and the highest increase was close to 3%. However, after the break in the morning market, the total commodity plunged, and the Shanghai and Shenzhen stock markets also went down.

As of midday, Zheng cotton 1109 contract closed at 28210 yuan / ton, up 370 yuan / ton, or 1.33%, trading volume of nearly 935 thousand hands, add 13308 hands; 1105 contracts closed at 28185 yuan / ton, or 1.24%.

As of 11:40, ICE cotton 3 monthly report closed at 1.5261 U.S. dollars, up 1.66%.

In the spot market, in December 20th, the volume of the national cotton electronic matching market was 29140 tons, and the order volume was 84800 tons.

In recent months, the MA1012 contract was closed at 27235 yuan / ton, down 138 yuan, with a turnover of 1280 tons; the main MA1103 contract was closed at 27700 yuan / ton, up 57 yuan, and the turnover was 11720 tons.

In December 20, 2010, China's cotton price index (CC Index328 level) was 27269 yuan / ton, up 70 yuan / ton compared with last Friday; CC Index527 level was 25306 yuan / ton, up 68 yuan / ton; CC Index229 level was 28268 yuan / ton, up 101 yuan / ton.

ICE cotton

Futures rose nearly 3% on Friday, closing at a one month high and close to record highs, as speculators learned that the new supply of cotton would be scarce in the near future and bought in.

Index ICE3 cotton contract rose 4 cents, or 2.7%, at $1.5012 a pound, the highest since November 10th, when it hit a record high of $1.5195.

Analysts say the market is surging due to a shortage of supply early next year because of doubts about crop yields and export quotas from the main producing countries.

On the news side, India may reopen cotton exports after 20 days.

The government announced last Thursday that the registration of cotton export contracts would no longer be handled by the Commissioner of textiles in Mumbai, but instead pferred to the General Administration of foreign trade.

The largest in India

Cotton export

The announcement only changed the cotton export contract registration office, which is no different for exporters, but he expects the government to reopen cotton exports in 2-3 weeks, because the government allows 5 million 500 thousand bags of cotton exports, while India only exports 3 million bales of cotton.

According to the news of Chicago on December 17th, sources said last Friday that the planting area of the US upland cotton was estimated to be 12 million 805 thousand acres in 2011. In the United States, all cotton sown areas in 2011 were 13 million acres, higher than the estimated 12 million 200 thousand acres in November. The United States Department of agriculture estimated that all the cotton sown areas in the United States were 11 million acres in 2010.

On the disk, most of the recent commodities, which are most concerned by investors, are not cotton. Even though they have experienced the sharp market crash and the government's many macro adjustments and controls, Zheng cotton still takes the lead in trading volume.

Zheng cotton last week on Tuesday, a strong two days after the rise, especially last Tuesday, has broken through the key pressure level of 27865 yuan / ton and has continued to look at the trend, but on Wednesday domestic commodity collective diving, dragged down by Zheng cotton index also greatly callback tidy up, on Thursday, Zheng Zheng cotton continued small finishing, the price back to the pressure level.

Last Friday, US cotton continued to rise strongly, plus today's electronic trading.

ICE

Cotton has stood at a high historical level and has broken through the previous high points.

Since the start of the rebound market in November 26th, the US cotton 03 contract has risen by nearly 32%, and the domestic Zheng cotton index has only risen by 12%. The domestic and foreign cotton prices are facing an upside down imagination.

Operation, today, Zheng cotton 1109 contract in the ICE US cotton gradually good drive driven high up all the way up, but the intraday commodity overall diving growth has narrowed, but still received more than 28000, afternoon concern about the overall trend of commodities.

In the early days, Zheng cotton can still continue to hold, if in the next few trading days Zheng cotton can effectively stabilize this 27865 yuan / ton support position, the next target price will see 28960 yuan / ton.