Market High Profit Margins Backlog Serious, Short Term Is Still Facing Downward Pressure.
ICE exchange closed for 21 days. 18 days ICE Stage cotton Closing limit, the benchmark contract returned to the $2 mark on that day. After a sharp rise in the external market, the high profit margin of the market is serious, and the downward pressure is still in the short term.
Fang Huiling, a futures analyst for the year of prayer, said that after the surge in the external market, there was a serious backlog of high profit margins and short-term downward pressure.
Domestic spot trading is still slack, textile enterprises purchase cautiously, the current spreads are gradually returning to normal, futures prices close to spot prices, Zheng cotton futures are still in the short-term adjustment market.
However, under the basic situation of supply shortage, phased adjustment will provide a good opportunity to build positions for the market.
The 21 session of the Political Bureau of the CPC Central Committee held a meeting. The meeting stressed the need to deal with the relationship between maintaining stable and rapid economic development, adjusting the economic structure and managing inflation expectations, and preventing major fluctuations in the economy.
Domestic spot prices, cotton spot prices continue to rise, but
Goods in stock
The turnover continued to be slack. Most of the textile mills consumed the inventory purchased before the Spring Festival, and the cotton prices were higher. The textile mills purchased cautiously, and the enterprises paid more attention to the market demand in 3 and April.
In February 21st, China's cotton price index (CCIndex328) was 30326 yuan / ton, up 75 yuan / ton.
The 1103 price closing price of the futures contract with the Zheng cotton futures contract is 32135 yuan / ton, which is 1809 yuan / ton. The current price gap is narrowing and is returning to normal range, and the futures price is gradually closing to the spot price.
In February 21st, China's cotton import price index (FC Index M) was 224.10 cents / pound, down 3.15 cents, the import cost was 1% yuan customs price 37350 yuan / ton, and the price was 37627 yuan / ton according to the sliding price.
At present, the tariff import cost of 1% is 7024 yuan / ton higher than the domestic spot index (CCIndex328).
However, the procurement of textile enterprises is uncertain. Buyers and sellers have a heavy wait-and-see mentality and few market pactions.
In February 21st, the national cotton trading market, the electronic matching of commodity cotton and the concussion of low price after the jump opened, and the average price of each contract fell completely in the closing time.
The main MA1105 contract closed at 32650 yuan, down 1035 yuan; in recent months, the MA1102 contract closed at 32195 yuan, or 362 yuan.
The volume of the day fell slightly and the quantity of orders was reduced.
Internationally,
ICE exchanges
The 21 day was closed due to holidays.
On the 18 day, ICE cotton closed down, because investors launched a round of short back before pushing cotton prices up to a record.
Benchmark cotton futures contracts fell 7 cents, or 3.47%, to $1.9493 a pound in May.
On the domestic side, Zheng cotton futures continued to fall sharply on the 21 th. The main 1109 contract opened at 33060 yuan / ton, the highest 33210 yuan / ton, the lowest 32045 yuan / ton, reported at 32200 yuan / ton, down 1865 yuan, or 5.47%.
Trading volume was 984 thousand hands on that day, 200 thousand fewer than the previous trading day, and 6774 fewer positions, 285 thousand hands.
From the domestic market of Zhengzhou's cotton market, the 1009 phase price of the main contract jumped to 33000 yuan / ton after the opening of the main contract, and then fell down. The Japanese K-line was closed on the Long Yin line, which was closed for third consecutive days.
The price fell below the 30 day moving average, and the 5 day moving average wore the 10 day moving average. The technical index KDJ was diverging, MACD dead crossing and green column appeared, indicating that the price will still be supported and the support of 31000-32000 yuan / ton should be paid attention. The head shape may be formed in the middle of the disk.
However, from the post position position, the market expanded more net positions, indicating that the main purchase of dips is still active.
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